Steel Major Jindal Steel Prepays $357 Million Loan; Aims To Be Debt-Free By FY 23
NDTV
Homegrown steel major Jindal Steel and Power Limited (JSPL) said its wholly-owned subsidiary in Mauritius has prepaid $357 million to lenders.
Homegrown steel major Jindal Steel and Power Limited (JSPL) on Sunday said its wholly-owned subsidiary in Mauritius has prepaid $357 million to lenders.
This prepayment will help clear the entire debt on Jindal Steel & Power (Mauritius) (JSPML). This loan had corporate guarantees from JSP India, which will also get released, JSPL said in a statement.
"Jindal Steel & Power (Mauritius) has prepaid a $357 million loan to its lenders. (Entire) overseas debt will get entirely paid in the coming quarters," it said.
Over the past three years, JSP has reduced its overseas debt to $130mn post this payment from $1.8bn. The bulk of JSP's overseas debt now sits in its Australian subsidiary ($113mn). 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.
