In an attempt to bring down its massive debt pile of Rs 40,000 crore, Jindal Steel and Power Limited is now exploring options to sell its overseas coal mines. The company, sources say, is mulling selling its coal mines in Australia, Mozambique, Botswana & Africa. The company has undertaken a valuation exercise for the sale of its assets and they are currently valued at Rs 4000-5000 crore. The company is not keen to sell the assets to a single investors. In order to channelize all its energies towards debt reduction, the company has stalled all expansion and acquisition plans till debt brought down. Furthermore, the company is also looking to launch the initial public offer (IPO) of its Oman and Power biz as well to bring down debt. JSPL is targeting to pare down its debt by 15-20 percent over the next one year through all these measures. Meanwhile, in a BSE filing on Tuesday, the steel and power producer said its promoter OPJ Trading Pvt Ltd has pledged 3.49 percent stake in the firm with Axis Trustee Services Ltd on July 6, 2015. As of June 2015, OPJ Trading Pvt Ltd holds 20.51 percent stake in JSPL
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http://www.moneycontrol.com/news/cnbc-tv18-comments/jspl-eyes-overseas-assets-to-cut-debt-by-rs-5000cr_1969841.html?utm_source=ref_article
In an attempt to bring down its massive debt pile of Rs 40,000 crore, Jindal Steel and Power Limited is now exploring options to sell its overseas coal mines. The company, sources say, is mulling selling its coal mines in Australia, Mozambique, Botswana & Africa. The company has undertaken a valuation exercise for the sale of its assets and they are currently valued at Rs 4000-5000 crore. The company is not keen to sell the assets to a single investors. In order to channelize all its energies towards debt reduction, the company has stalled all expansion and acquisition plans till debt brought down. Furthermore, the company is also looking to launch the initial public offer (IPO) of its Oman and Power biz as well to bring down debt. JSPL is targeting to pare down its debt by 15-20 percent over the next one year through all these measures. Meanwhile, in a BSE filing on Tuesday, the steel and power producer said its promoter OPJ Trading Pvt Ltd has pledged 3.49 percent stake in the firm with Axis Trustee Services Ltd on July 6, 2015. As of June 2015, OPJ Trading Pvt Ltd holds 20.51 percent stake in JSPL
Read more at:
http://www.moneycontrol.com/news/cnbc-tv18-comments/jspl-eyes-overseas-assets-to-cut-debt-by-rs-5000cr_1969841.html?utm_source=ref_article
In an attempt to bring down its massive debt pile of Rs 40,000 crore, Jindal Steel and Power Limited is now exploring options to sell its overseas coal mines.
The company, sources say, is mulling selling its coal mines in Australia, Mozambique, Botswana & Africa. The company has undertaken a valuation exercise for the sale of its assets and they are currently valued at Rs 4000-5000 crore. The company is not keen to sell the assets to a single investors.
In order to channelize all its energies towards debt reduction, the company has stalled all expansion and acquisition plans till debt brought down.
Furthermore, the company is also looking to launch the initial public offer (IPO) of its Oman and Power biz as well to bring down debt. JSPL is targeting to pare down its debt by 15-20 percent over the next one year through all these measures.
Meanwhile, in a BSE filing on Tuesday, the steel and power producer said its promoter OPJ Trading Pvt Ltd has pledged 3.49 percent stake in the firm with Axis Trustee Services Ltd on July 6, 2015. As of June 2015, OPJ Trading Pvt Ltd holds 20.51 percent stake in JSPL
Source Money control