Team News Riveting
New Delhi, September 8
In its endeavour to completely pay off its overseas debt, JSPL through its stepdown subsidiary, Jindal Steel and Power (Australia) Pvt Ltd, made a pre-payment of 105.66 million USD (approx. Rs 777.4 crore).
The prepayment has helped reduce the Australian debt by approx. 50 per cent. The company’s Net Debt/EBITDA on Consolidated basis was reported at 0.96x while Standalone Net Debt/EBITDA was approx. 0.7x as of June quarter which is expected to go down further this quarter.
JSPL has been working with an undeviating focus on Net debt reduction of more than Rs 31,306 crore from a peak of approx. Rs 46,533 crore in 3QFY17 to Rs 15,227 crore as reported in Q1FY22. JSPL is also focusing on maintaining minimum levels of liquidity on its balance sheet at all times.
“We are paying back to lenders before time in order to strengthen our balance sheet. The company is aligned with the India growth story and we want to become a net debt free company by FY23 through accelerated deleveraging. We will expand our steel making capacity in Angul to more than 12 MTPA by 2025 through internal accruals,” V R Sharma, JSPL Managing Director said in a statement.
JSPL is a leading Indian Infrastructure Conglomerate with a presence in the Steel, Power, and Mining sectors. With an investment of approximately 12 billion USD (Rs 90,000 crore) across the globe, the Company is continuously scaling its capacity utilization and efficiencies to contribute towards building a self-reliant India.
