JSW Steel today said it planned to infuse Rs 3,800 crore in Ispat Industries over the next two to three years. The country's third-largest steel maker, JSW Steel, had acquired nearly 45 per cent stake in debt-ridden Ispat Industries for Rs 2,157 crore in December last year.
When asked about the company’s investment plans in Ispat Industries, JSW Steel Director (commercial and marketing) Jayant Acharya said, “It will be about Rs 3,800 crore over the next two to three years.”
On Ispat’s current debt, which stands at about Rs 9,800 crore, Acharya said, “There is debt to be recast, which is to be done by September 2011”. He said the integration with Ispat, intended to increase its capacity from 3.3 million tones to five million tonnes, is going on well. On Ispat Industries’ plans to file a report to the Board for industrial and financial reconstruction, he said, “It has not yet been applied for. There were some discussions before our acquisition”.
