Through its step down subsidiary Jindal Steel & Power (Australia)
Jindal Steel & Power (JSPL) announced that in its endeavour to completely pay off its overseas debt, the company through its step down subsidiary, Jindal Steel & Power (Australia), made a pre-payment of 105.66 million USD (approx. Rs 777.4 crore). The prepayment has helped reduce the Australian debt by approx. 50%. The company's Net Debt/EBITDA on Consolidated basis was reported at 0.96x while Standalone Net Debt/EBITDA was approx. 0.7x as of June quarter which is expected to go down further this quarter.JSPL has been working with an undeviating focus on Net debt reduction of more than Rs.31,306 crore from a peak of approx. Rs. 46,533 crore in 3QFY17 to Rs.15,227 crore as reported in Q1FY22. JSPL is also focussing on maintaining minimum levels of liquidity on its balance sheet at all times.
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