JSPL prepays Rs 777-crore debt through Australian unit

Naveen Jindal-led Jindal Steel and Power Ltd (JSPL) has prepaid $105.66 million, or around ₹777.4 crore, of its debt through its step down subsidiary Jindal Steel & Power (Australia) Pty Ltd, the company informed the exchanges on Wednesday.

“The company is aligned with the India growth story and we want to become a net debt-free company by FY23 through accelerated deleveraging,” JSPL managing director VR Sharma said in the statement.

The prepayment has helped reduce the firm’s Australian debt by approximately 50%, the company said.

“We have also managed to conclude a restructuring of the debt,” the company said. “Through these developments, we expect Australia to start becoming Ebitda positive over the next financial year. JSPL has so far brought down its net debt to ₹15,227 crore as reported in the first quarter ended June from a peak of approximately ₹46,533 crore in the third quarter of 2016-17. \