Jindal Steel & Power Ltd (JSPL) will sell its three overseas plants when the ‘right value’ is available and the company aims to be debt-free going ahead, its top official said.

Speaking to CNBC-TV18, JSPL Managing Director VR Sharma said, “There are three major plants that we are owing overseas one is in Australia, one is in Mozambique and third is in Africa. We are not a distress seller, whenever we feel that there is a right value available, we will definitely sell those assets also.”

Amid reports of the sale of Jindal Power, Sharma said that the company’s board will deliberate over the sale of Jindal Power in full or part.

“We want to increase our capacities in India, we want to be debt-free company and this is what we are aiming for,” he said.

The company’s residual debt ex-Jindal Power will be Rs 16,000 crore, he said adding that it is paying back lenders about Rs 5,000-6,000 crore every year.

Also Read: Jindal Steel & Power shares hit 52-week high on strong Q4 sales

JSPL, on Monday, reported its highest ever production and sales for FY21.

“On a year-on-year basis, the growth in sales is 20 percent and growth in production is 19 percent. We are expecting that next year we should be somewhere around 9 million tonne and without any capex or without any further expansions.”

“Our intention is to reach to 15-15-15 target, so we want to reach to Rs 15 thousand crore EBITDA we want to reach to, we want to bring down our debt to below Rs 15 thousand crore and we want to have our sales turnover in steel division that is Rs 15 thousand crore, if this happens then we will be in top 10 companies in private sector in the country.”

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(Edited by : Ankit Gohel)

First Published:Apr 6, 2021 2:07 PM IST