Promoter group firms have fully repaid loan against shares, says JSPL

Companies are part of Naveen Jindal group, which is following a deleveraging strategy

Jindal Steel & Power (JSPL) said on Thursday its promoter group companies, owned by Naveen Jindal and his family directly or indirectly, had paid all their loan liabilities against shares.

A statement said the company was informed that promoter group companies that are part of Naveen Jindal Group, namely OPJ Trading Pvt Ltd, Opelina Sustainable Services Pvt Ltd and Gagan Infraenergy, had fully repaid all outstanding loans against shares.

The loan against share for the Naveen Jindal Group now stands at nil, it said. The peak loan against shares was approximately Rs 1,140 crore during October 2018. The most recent payment, according to company sources, was Rs 136 crore.

The loan repayment is part of the group's deleveraging strategy, the statement said.

JSPL’s overall debt has come down in the past few years. Net debt was at Rs 39,137 crore in FY19 and it stood at Rs 7,090 crore in nine months of FY23, according to a company earnings presentation on Q3 FY23. JSPL has outlined a growth capex of Rs 24,000 crore through FY 2026-27 for expansion.