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JSPL Update on Mining Business in South Africa

Steel News - Published on Tue, 19 Nov 2019

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Jindal Steel & Power announced that its South African subsidiary Jindal Mining SA has turned around and reported cash profits in the recently completed quarter ending September 2019 from South Africa. Jindal Mining SA had entered into Voluntary Business Rescue in April-May 2019. With a view to protect the interests of various stakeholders and with a long term vision of turning it profitable & sustainable, the company had taken the strategic decision to take the Business Rescue route.

As part of the BR, the company engaged with stakeholders to restructure the liabilities, both Operational and Financial, to make the business profitable in the long run. The operations at JMSA are now stable and ramping up well and are out of the Business Rescue process. JSPL will be looking to monetize this anthracite coal asset as part of its International Portfolio Rationalization Plan.

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Posted By : Rabi Wangkhem on Tue, 19 Nov 2019
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