JSW Ispat Steel, one of the leading steel manufacturer has signed an agreement to refinance Rs 6,150 crore ($1.4 billion) of debt, facilitating the company to come out from a corporate debt restructuring programme. The company had posted a net loss of Rs 740 crore for the six months ended last December, had debt of Rs 7,157 crore as of June 30. The arrangers to the deal are SBI Capital Markets, a unit of State Bank of India, and Bank of India.
The company is one of the leading integrated steel makers and the largest private sector producer of hot rolled coils in India. The company has 4.6 mt capacity and is the leader in the national specialty steel market.