India’s Jindal Steel and Power Limited (JSPL) has approved raising funds to the tune of $1 billion through the issue of bonds in one or more tranches in the domestic and overseas markets, the company said in a regulatory filing on Tuesday, August 31.
The company had reported earlier that it would be raising funds to retire existing debt and fund expansion projects announced by the company.
JSPL has committed investments to the tune of $2.4 billion to ramp up its steelmaking capacity.
The company plans to raise its total crude steel capacity to 15.9 million mt per year by March 2025 from 8.6 million mt at present at its Angul steel mill in Odisha.
JSPL will also increase its pellet production capacity at Angul to 21 million mt per year by 2024, from 10 million mt at present.