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Jindal Steel targets halving 420B rupee debt in 3 years via asset sales

India's Jindal Steel & Power Ltd. plans to focus on halving its 420 billion Indian rupee debt in the next three years via higher internal accruals and the sale of certain foreign assets, The Economic Times of India reported May 10, citing Chairman Naveen Jindal.

While the debt figure is "serviceable" given the group's power capacity and steelmaking facilities, it is "completely focused" on cutting its debt and interest burden, Jindal told the publication.

Jindal Steel owns coal mines and power units in Mozambique, where the company is gradually ramping up production capacity, as well as operates the Wongawilli mines in Australia.

"If we get a good offer, we will definitely look at the option," Jindal said.

The company narrowed its fiscal 2018 net loss to 16.24 billion rupees from 25.40 billion rupees a year earlier and achieved its highest annual revenue of 278.41 billion rupees in the period, a 23% increase on a yearly basis.

Jindal Steel's full-year steel output and sales rose 19% and 17%, respectively, to 5.7 million tonnes and 5.4 million tonnes.

As of May 9, US$1 was equivalent to 67.31 Indian rupees.