Jindal Steel and Power (JSPL), one of the largest players in steel market in India, has defaulted on payment of interest on non convertible debentures (NCDs), due on October 08, 2016. The NCDs had a coupon rate of 9.8 percent and IDBI Trusteeship Services was the trustee. According to the company, the said non-payment is due to short-term cash flow mismatches and will be paid in due course.
JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.
