JP Morgan has been selected as depositary bank by India-based producer of synthetic, cotton and blended yarns, Jindal Cotex, following the company's recent $38.5m GDR listing on the Luxembourg Stock Exchange.

Jindal Cotex managing director Sandeep Jindal said that his company is extremely pleased to have launched its GDR offering in Europe. JP Morgan’s depositary receipts team was selected for its recognized leadership and expertise and its remarkable professionalism.

JP Morgan Depositary Receipts Group Asia Pacific head Kenneth Tse said that his firm’s ability to deliver the right solution to the client was key factor in securing this business.

“We welcome this first opportunity to work with Jindal Cotex and we look forward to building a long-term relationship,” Tse said.