Indian Tata Steel plans to pay foreign debt
Having recorded the highest-ever profit in the previous fiscal, Indian steel producer Tata Iron and Steel Company Ltd. Is now planning to reduce its debts by paying a major part of its foreign currency loan. Hence the company's total debt of Rupees 4'225 crore (approx. $ 919 million) as of March 31, 2003 will be significantly reduced within the current financial year.
Tata Steel reported a record high profit of Rupees 1'012 crore (approx. $220 million) in the previous fiscal year.