STC slaps 550-crore claim on JSW over Ispat credit

State Trading Corporation has approached JSW Steel for recovering Rs 550 crore owed by Ispat Industries. The government-owned trading house has written to JSW asking it settle the dues after it failed to get a response from Ispat. The amount due is for items of raw materials used in manufacturing steel.

JSW recently became India's largest steelmaker by capacity after it offered to buy 41% in Ispat for 2,157 crore. Ispat Industries owes various lenders about Rs 9,500 crore, including working capital, which JSW proposes to, refinance through fresh loans at lower costs.crackcrack