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JSPL to produce 8,000 tonne per day at Angul - Mr Ravi Uppal

Steel News - Published on Fri, 11 Aug 2017

Image Source: business-standard
CNBC TV18 reported that Jindal Steel and Power's Q1 earnings came in better than estimates with the consolidated net loss narrowing while the power business outperformed. In an interview to CNBC-TV18, Mr Ravi Uppal MD & CEO of JSPL spoke about the results and his outlook for the company.

He said that looking to reclaim INR 10,000/tonne in terms of EBITDA. He added that the newly commissioned plant at Angul is producing 5,000 tonne per day. He said that “We will try to increase its volume. In the next two-three months we will take it to the level of about 8,000 tonne a day and by early Q4 we should try to touch its full capacity of about 10,000 tonnes.”

Mr Uppal said that all the plants are ready to deliver to its capacity, we are just waiting for demand to come about. Once it comes, we are ready to deliver.

Speaking on Supreme Court verdict on Odisha mining case, he said JSPL has mined strictly according to permissions granted by the government. There is absolutely no penalty payable in Odisha mining case for JSPL.

Sarda Mines (P) Ltd (SMPL) is our supplier. For the last three years, since they have suspended their supplies to us, we have been buying iron ore from the local market and we have been able to manage. Currently we are not dependent on SMPL anymore, he further mentioned.

He said that total iron ore fully-paid inventory is around 12 million tonne (mt) and iron ore inventory at Sarda is fully paid for including all duties.

Mr Uppal added that technically, iron ore inventory at Sarda mines belongs to JSPL and we are waiting for SC to reconfirm the decision which has been taken by the Odisha High Court and we are given to understand that this will be done in next 10 weeks.

JSPL has a plan in place to pare debt and is also in the process of restructuring domestic and foreign debt.

Mr Uppal said that current focus is on increasing operational profit.

Source :

Posted By : Ratan Singh on Fri, 11 Aug 2017
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