Jindal Steel & Power prepays $105.6m debt of Australian subsidiary

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Jindal Steel & Power Limited (JSPL) said that it has made a pre-payment of $105.66 million of its step-down subsidiary — Jindal Steel & Power (Australia) as part of its efforts to fully pay off its overseas debt.

Following the prepayment, Jindal Steel & Power’s debt in Australia has been reduced by nearly 50%.

The Indian infrastructure conglomerate said that it has been working on reducing its net debt by more than INR 31,306 crores from a peak of around INR 46,533 crores in 3QFY17 to INR 15,227 crores as reported in Q1FY22.

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Jindal Steel & Power said that it is also focusing on sustaining minimum levels of liquidity on its balance sheet at all times.

Jindal Steel & Power prepays $105.6m debt of Australian subsidiary

Jindal Steel & Power prepays $105.6m debt of Australian subsidiary. Photo courtesy of Hands off my tags! Michael Gaida from Pixabay.

V R Sharma — Managing Director of Jindal Steel & Power said: “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.

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“We will expand our Steelmaking capacity in Angul to more than 12 MTPA by 2025 through internal accruals.”

In May 2021, Jindal Steel & Power said that it made a prepayment of INR 24.62 billion to its term lenders.


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