Jindal Steel & Power (Mauritius), a wholly-owned subsidiary of JSP has prepaid a $357mn loan to its lenders. This prepayment will help clear the entire debt on JSPML.
This loan had corporate guarantees from JSP India, which will also get released. Over the past three years, JSP has been able to reduce its overseas debt from $1.8bn to $130mn post this payment.
The bulk of JSP's overseas debt now sits in its Australian subsidiary ($13mn). The Group plans to repay this loan by September 22. JSP Group's net debt has come down from a peak of 46,500cr to 10,981cr in December 2021.
"We are pre-paying our lenders to further strengthen our balance sheet and we want to become a net debt-free company by FY23 through accelerated deleveraging. The company is aligned with the India growth story. We will expand our steelmaking capacity to over 15 MTPA by 2025", Said. V R Sharma, Managing Director, JSP 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 (90,000 Crore Rupees) across the globe, the Company is continuously scaling its capacity utilization and efficiencies to contribute towards building a self-reliant India.
(With inputs from ANI)