Jindal Steel & Power Ltd. plans to sell its assets in Botswana and Australia to pare its debt to less than Rs 35,000 crore by the end of the financial year.
“We are not in distress sale,” JSPL Managing Director VR Sharma told BloombergQuint in an interview. “We're looking at the right kind of buyers and right kind of partners.”
JSPL has already paid Rs 1,500 crore of its Rs 39,500-crore debt in the June quarter and has “planned to pay more than Rs 5,000 crore in the whole year so our debt level will be less than Rs 35,000 crore with a turnover of Rs 40,000 crore expected in this year”, Sharma said.
While the Botswana asset will be divested completely, the asset in Australia may be sold partially or completely, depending on the deal, he said. JSPL is currently in talks with “large international groups” and will decide on a sale when they find “value for money”, he said.
JSPL Q1 Results 2019-20: Key Highlights (YoY)
- Revenue up 2.9 percent at Rs 9,945.6 crore.
- Net loss at Rs 87.4 crore versus net profit of Rs 109.89 crore.
- Ebitda fell 4.5 percent to Rs 2,173.1 crore.
- Margin at 21.8 percent versus 23.5 percent.
Watch the full interview here:
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