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Jindal Stainless expects to leave behind its debt troubles by March

Steel News - Published on Mon, 22 Oct 2018

Image Source: businessfortnight.com
Business Live reported that Jindal Stainless expects to leave behind its debt troubles by March, allowing it to boost its capacity by half over the following two years. India’s dominant stainless steel producer had been forced into a central bank-mandated restructuring after its debts piled up. Having repaid most of its dues, the company is now working with banks to exit the program by the end of the fiscal year. MD Mr Abhyuday Jindal said that “After that, we can really plan our growth journey again, which will involve increasing capacity to 2.4-million tonnes by 2021, from 1.6-million tonnes now. We will maintain financial prudence to maintain a healthy balance sheet and definitely not get into a high-leverage situation. Scheduled repayments of 10-billion rupees in the next two years will further cut debt to 36-billion rupees.”

India’s stainless steel consumption is growing faster than that of crude steel, and usage will increase by 10% annually over the next decade, he said, from a current level of 2.5-million tonnes.

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Posted By : Ratan Singh on Mon, 22 Oct 2018
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