JSP prepays 357 Million USD loan in its Mauritius entity; aims to Net debt-free by FY23

Jindal Steel & Power (Mauritius), a wholly-owned subsidiary of JSP has prepaid a US$357mn loan to its lenders. This prepayment will help clear the entire debt on JSPML. This loan had corporate guarantees from JSP India, which will also get released.

Over the past three years, JSP has been able to reduce its overseas debt from USD1.8bn
to USD130mn post this payment. The bulk of JSP’s overseas debt now sits in its
Australian subsidiary (USD113mn). The Group plans to repay this loan by September 2022.

JSP Group’s net debt has come down from a peak of 46,500cr to 10,981cr in
December 2021.