Indian steel giant Jindal expects to leave behind its debt troubles by March
Risks to MD Abhyuday Jindal’s rosy outlook include rising imports and protectionism arising from the trade flare-up between the US and China
Mumbai — Jindal Stainless, part of billionaire Savitri Jindal’s steel and power conglomerate, expects to leave behind its debt troubles by March, allowing it to boost its capacity by half over the following two years. India’s dominant stainless steel producer had been forced into a central bank-mandated restructuring after its debts piled up. Having repaid most of its dues, the company is now working with banks to exit the program by the end of the fiscal year, MD Abhyuday Jindal — a grandson of Savitri, India’s richest woman — said last week in an interview in New Delhi, where the company is headquartered. “After that, we can really plan our growth journey again,” he said, which will involve increasing capacity to 2.4-million tonnes by 2021, from 1.6-million tonnes now, as the company looks to take advantage of burgeoning demand from the car, kitchenware, railway and defence sectors.
“We will maintain financial prudence to maintain a healthy balance sheet and definitely not g...
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