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Jindal Steel gains 4% on debt reduction plan

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NEW DELHI: Shares of Jindal Steel and Power (JSPL) rallied over 4 per cent in early trade on Wednesday after reports that the company has sold off its major international venture Botswana coal mine to Maatla Energy for $150 million.

The scrip was trading 4.01 per cent up at Rs 98.55 at around 9.45 am (IST), while the benchmark BSE Sensex was up 90 points, or 0.24 per cent, at 37,047 at around the same time. The report further added that proceeds of this divestment are likely to be used to cut debt of Jindal Steel and Power at the group level.

At present, JSPL has a total outstanding debt of Rs 40,000 crore as of March 2019. The decision to sell off the Botswana coal mine was a part of the ‘International Portfolio Rationalisation plan’.

The company’s focus has been shifted to the mines and minerals assets across Australia, Asia and Africa, TheIndianSubcontinent said quoting a spokesperson. JSPL is also slated to announce its financial results for June quarter later in the day.




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