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Jindal Steel in talks to off-load noncore assets to slash debt

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Jindal Steel in talks to off-load noncore assets to slash debt

isin discussions to off-load certain noncore assets to raise about 30 billion Indianrupees, Bloomberg News reported May 5, citing the company's Managing Director RaviUppal.

JindalSteel's debt pile has reached 460 billion rupees, and the company hopes that sucha move would help it trim its liabilities by over 35% to under 300 billion rupeesin the next four years, the official said.

The company'sboard earlier approved the saleof its 1,000-MW power plant in India's Chhattisgarh state to JSW Energy Ltd. Theplant has an enterprise value of 65 billion Indian rupees.

Uppal,however, noted that the company is not seeking to divest its other power units.

JindalSteel's after-tax loss for the fiscal year ended March widened further to 19.99billion rupees from 14.55 billion rupees. EBITDA also fell to 34.83 billion rupeesfrom 56.67 billion rupees.

As of May 4, US$1 was equivalentto 66.58 Indian rupees.