Jai Balaji Industries has received the letter of approval dated September 20, 2012 from Corporate Debt Restructuring (CDR) Empowered Group / CDR Cell pursuant to the CDR package.
Earlier in July this year, the company announced that it was in talks with its consortium of lenders to restructure its Rs 2,000 crore debt burden, for which a proposal to the CDR Cell had been made. A consortium of 21 banks, including UCO Bank, SBI, United Bank of India and Allahabad Bank, has exposure to the company.
The company is an integrated steel player with four manufacturing facilities. It is engaged in manufacturing of sponge iron, pig iron, ferro alloys, billets/MS ingots and steel bars/rods (TMT bars), besides having backward integration for sinter and power. Jai Balaji currently has five manufacturing facilities located in Durgapur and Raniganj in West Bengal, and Durg in Chhattisgarh. It has a total capacity of one mt of steel production.
| Company Name | CMP |
|---|---|
| Jindal Steel | 1269.50 |
| Lloyds Metals&Energy | 1622.70 |
| Jai Balaji Inds | 72.59 |
| Steel Exchange India | 8.96 |
| Rajputana Stainless | 125.90 |
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