Jindal Steel & Power reduces debt by Rs 2462 cr
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Jindal Steel & Power (JSPL) announced that it has made a prepayment of Rs. 2,462 crore to its term lenders. This is in continuation of its long stated financial strategy of debt reduction and building a robust balance sheet with optimum capital mix. The Company's production stood at 7.51 Million tonnes during the financial year ended 31 March 2021. JSPL has recently announced divestment of its thermal power business to reduce its debt further as well as to cut down on its carbon footprint by almost half. JSPL has worked tirelessly with a singular focus of debt reduction of more than Rs. 20000 crore from a peak of approx. Rs.46,500 crore in 3QFY17 to Rs.25,600 crore as reported in 3QFY21. This reduction of Rs.2,462 crore is over & above the annual committed debt reduction in the financial year 2020-2021.
