The combined entity after the merger of Jindal Stainless with its subsidiary Jindal Stainless (Hisar) (JSHL) will likely see a turnover of Rs 20,000 crore going forward, said Group CFO Anurag Mantri.

Jindal Stainless on Tuesday announced a merger with its subsidiary Jindal Stainless (Hisar). After the completion of the merger, the company is set to become the world's tenth-largest stainless steel company.

“After lockdown, we made a good recovery based on our cost efficiency measures which we have taken during CDR which are now repaying us in terms of our profitability and margins. So now we see it is a good time to consolidate the business," said Mantri.

“On the revenue side, the combined entity will be approximate Rs 20,000 crore plus turnover, we see going forward... The balance sheet will be comparatively much stronger," he said.

On debt reduction, Mantri said, “We are expecting combined entity year to close by Rs 3,500 of debt, so close to Rs 1,200 crore reduction is expected.”

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(Edited by : Niral Sharma)

First Published:Dec 30, 2020 11:54 AM IST