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Jindal Steel and Power (JSPL) has set a target to reduce its net debt by more than ₹ 10,000 crore to below ₹ 30,000 crore. A company statement said that the group also aims to take EBITDA (Earnings Before Interest, Tax, Depreciation & Amortization) to more than ₹12,000 crore on a consolidated yearly basis over the next two years.
Speaking at JSPL’s 40th AGM, Naveen Jindal, Chairman, JSPL said, “Though there is slowdown, our company is comfortably placed in the market with our value added and niche products. The company would be more aggressive in marketing its products and would continue to look to divest the non-core assets, to reduce debt to the target level.”
“The company has successfully reduced its net debt by more than ₹4000 crore in the last fiscal and will continue to work towards doubling the EBITDA in next 2-3 years,” he added.
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