Naveen Jindal-led Jindal Steel & Energy (JSPL) as we speak introduced that it has made a prepayment of Rs 2,462 crore to its time period lenders.
That is in continuation of its long-stated monetary technique of debt discount and constructing a strong stability sheet with the optimum capital combine.
This discount of debt quantity is over and above the annual dedicated debt discount in monetary yr 2020-21, stated the corporate in its launch.
“The numerous debt discount is a part of our long-term monetary technique to create a powerful stability sheet. Within the coming quarters, we intend to additional strengthen our stability sheet and change into internet debt-free shortly,” the discharge quoted V R Sharma, managing director of Jindal Steel as saying.
The Delhi-based firm’s manufacturing stood at 7.51 million tonne through the monetary yr ended March 31, 2021.
JSPL has not too long ago introduced divestment of its thermal energy enterprise to scale back its debt additional in addition to to chop down on its carbon footprint by nearly half.
JSPL has labored tirelessly with a singular deal with debt discount of greater than Rs 20,000 crore from a peak of round Rs 46,500 crore in Q3FY17 to Rs 25,600 crore as reported in Q3FY21.
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