Godawari Power and Ispat Ltd (GPIL) on Tuesday said it has become debt-free by repaying all its long-term loans. The company said it has repaid the outstanding debt of Rs 457 crore. "The company has become debt-free by repaying all its long-term loans as of date," GPIL said in a regulatory filing.

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The company said its standalone long-term outstanding debt at Rs 1,369 crore as of March 31, 2017, scheduled to be repaid by FY 2032, was brought down to Rs 457 crore as of March 31, 2021, by substantial repayment of debt during the last financial year from internal accruals, with improvement in its financial performance.

The balance outstanding debt of Rs 457 crore has been fully repaid by the company during the current year out of internal accruals, the company added.

Godawari Power and Ispat said on a consolidated basis the long-term outstanding debt is Rs 340 crore as of date, which is exclusively related to Solar Power Project in Godawari Green Energy Ltd. The company said this loan continues to be repaid out of the cash flow of the solar project.

To date, the installments of the solar power project term loan are repaid up to October 31, 2022, it added.