The promoter company of Jindal Steel and Power Limited (JSPL) has repaid the loans of around Rs 391 crores (as against Rs. 747 cr as on 31.12.2019). With this loan repayment, the current debt at the promoter level under loan against shares now stands at only Rs. 356 crores.
According to JSPL sources, the company is in the process of releasing shares. This is the lowest debt at the promoter level for the last 5 years. The promoters are committed to further reduce and extinguish this balance debt.
The news had quite a positive impact on the JSPL’s shares as they opened with a gain of 4.43% on Wednesday before climbing 19.46% intraday to Rs 75.5 on the BSE. It rose to Rs 84.45 in Thursday’s trading.
Jindal Steel & Power Limited (JSPL), a part of the $ 22 billion diversified OP Jindal Group, is amongst India’s fastest-growing and leading business conglomerates with a significant presence in core infrastructure sectors including steel, power, mining and infrastructure. JSPL’s business operations span across the Indian states of Chhattisgarh, Odisha and Jharkhand in India, where the company operates some of India’s most advanced steel
manufacturing and power generation capacities on a global scale.
JSPL also has the world’s first DRI plant based on Indian High Ash Coal Gasification. It is also amongst the lowest-cost producers of steel and power in India. India’s largest Blast Furnace at JSPL Angul in Odisha had produced its highest ever hot metal production of 10845 million tonnes for a single day on 2nd July 2019. This is also the highest-ever production recorded by any of the BFs in India.