India’s Jindal Steel and Power Limited (JSPL) has made a pre-payment of INR 24.62 billion ($335 million) as part of its long-term strategy to become debt-free and strengthen its balance sheet, a company statement said on Tuesday, May 11.
“The significant debt reduction is part of our long-term financial strategy to create a strong balance sheet. In the coming quarters, we intend to further strengthen our balance sheet and become net debt-free shortly,” JSPL’s managing director V R Sharma said in the statement.
The company stated that it had brought down its debt levels from INR 465 billion ($6.33 billion) in the third quarter of the fiscal year 2016-17 to INR 256 billion ($3.48 billion) in the third quarter of the fiscal year 2020-21.
JSPL said that it produced 7.51 million mt of steel during the fiscal year 2020-21 and has disinvested its thermal power business towards making the company debt-free and reducing its carbon footprint.
$1= INR 73.40