Jindal Steel & Power's (JSP) wholly owned subsidiary -- Jindal Steel & Power (Mauritius) (JSPML) has prepaid $357 million loan to its lenders. This prepayment will help clear the entire debt on JSPML. This loan had corporate guarantees from JSP India, which will also get released.
Over the past three years, JSP has been able to reduce its overseas debt from $1.8 billion to $130 million post this payment. The bulk of JSP's overseas debt now sits in its Australian subsidiary ($113 million). The group plans to repay this loan by September 22. JSP Group’s net debt has come down from a peak of Rs 46,500 crore to Rs 10,981 crore in December 2021.
Jindal Steel & Power is one of India’s fastest growing and largest integrated steel manufacturers, significantly present in Steel, Power Generation and Infrastructure segments and catering to a large part of India's domestic energy and infrastructure requirement.
