Godawari Power and Ispat has repaid its entire standalone long-term debt way ahead of schedule. Abhishek Agrawal, Executive Director of the company, iterated that they have delivered as promised, becoming debt-free on a standalone basis. The only debt which is left now is of the solar plant, which is self-funded.

We intended to put up the solar plant by funding it through internal accruals and not take any loans from the banks, said Agrawal in an interview with CNBC-TV18.

The capex required for putting up the solar plant and the beneficiation plant would be around Rs 700 crore over the next couple of years and would be funded internally, he said.

The company also has plans of expanding the steel capacity but that will take some time, he said, while adding that they have already started looking for the land and the entire scouting and planning would take around 12-18 months. Post that, they would look at spending on the steel project. So, in the meantime, they would concentrate on setting up the solar and beneficiation plant. The aim is to set up the steel capacity also through internal accruals, said Agrawal.

Talking about the business outlook, he said the first quarter of FY22 was much better than the fourth quarter of FY21 and that EBITDA for the current fiscal would likely be Rs 1500-1600 crore.

For the full interview, watch video.

(Edited by : Dipika Ghosh)

First Published:Jul 6, 2021 1:56 PM IST