Jindal Steel and Power Ltd (JSPL) said on Monday it has made a pre-payment of Rs 2,462 crore to its term lenders.
This is in continuation of its financial strategy of debt reduction and building a robust balance sheet with the optimum capital mix.
The company's production stood at 7.51 million tonnes during the financial year ended March 31. It recently announced divestment of thermal power business to reduce its debt further as well as to cut down on its carbon footprint by almost half.
JSPL has worked with a focus on debt reduction of more than Rs 20,000 crore from a peak of Rs 46,500 crore in 3Q FY17 to Rs 25,600 crore as reported in 3QFY 21. The reduction of Rs 2,462 crore is over and above the annual committed debt reduction in the financial year 2020-2021.
"In the coming quarters, we intend to further strengthen our balance sheet and become net debt-free shortly," said Managing Director V R Sharma in a statement.
JSPL is an industrial powerhouse with a dominant presence in the steel, power, mining andinfrastructure sectors.
Having an investment of USD 11 billion across the globe, the company is continuously scaling its capacity utilisation and efficiencies to capture opportunities for building a self-reliant India.
( With inputs from ANI )
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