JSPL may split its steel, power and international businesses to reduce debt

Tuesday, 04 September 2018 15:29:27 (GMT+3)   |   Istanbul
       

Indian steelmaker Jindal Steel and Power Ltd (JSPL) is considering splitting its steel, power and international businesses into three separate entities, the company’s chairman Naveen Jindal has stated in an interview with Bloomberg.

The possible breakup plan of the company is part of a restructuring to help reduce its INR 420 billion ($6 billion) debt and any such plan would need the approval of lenders, regulators and the board, Mr. Jindal stated.

According to Mr. Jindal, the steel unit would include the coal mines, while the international business would include the Oman steel plant. He added that JSPL will seek to progressively sell about 30 percent of its Oman unit over two to three years, and this may partly be achieved through an initial public offer.


Most Recent Related Articles

Russia’s Mechel records net loss in Q1

India-based NMDC’s iron ore output down 31.1 percent in April-May

JSW Steel cuts production guidance for FY20-21

Indian Steel Association names new president

India’s NMDC expects to restore full capacity within one month