Reuters reported that JSW Ispat Steel Ltd has signed a deal to refinance INR 61.5 billion (USD 1.4 billion) of debt, enabling it to exit from a corporate debt restructuring program
Two sources with direct knowledge of the matter said that the steelmaker was taken over by JSW Steel last year after it ran up big losses. It posted a net loss of INR 7.4 billion for the six months ended last December and held debt of INR 71.57.
One of the two sources told Reuters that "It (JSW Steel) did not go for refinancing the full debt because it posted good operating margins, good results. So, they will make up for the remaining through internal accruals now.”
JSW Steel in which Japan's JFE Holdings owns 14.8% had bought a controlling stake in Ispat for USD 476 million to expand its operations and is poised to become the country's No. 1 steelmaker once its full capacity comes on stream.
Two sources with direct knowledge of the matter said that the steelmaker was taken over by JSW Steel last year after it ran up big losses. It posted a net loss of INR 7.4 billion for the six months ended last December and held debt of INR 71.57.
One of the two sources told Reuters that "It (JSW Steel) did not go for refinancing the full debt because it posted good operating margins, good results. So, they will make up for the remaining through internal accruals now.”
JSW Steel in which Japan's JFE Holdings owns 14.8% had bought a controlling stake in Ispat for USD 476 million to expand its operations and is poised to become the country's No. 1 steelmaker once its full capacity comes on stream.
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