Jindal Steel and Power Ltd (JSPL) will try to sell stakes in certain units of its steel business, set up joint ventures with companies in Asia and Europe and seek a buyer for its power assets in India, in an effort to pare debt, chief executive officer Ravi Uppal said.
The plans were detailed a day after ratings agency Crisil Ltd downgraded the rating on certain debt instruments of JSPL to default, citing delays in payment of interest on the company’s term loans.
In a phone interview on Thursday, Uppal confirmed there have been delays in payment of interest and attributed this to stress in the earnings from the steel division.
JSPL, which has reported loss for five quarters in a row, has been hurt by a steep fall in steel realizations due to the cheap imports from China, Japan, South Korea and Russia.
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