{"id":31096,"date":"2023-06-18T08:50:28","date_gmt":"2023-06-18T08:50:28","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig"},"modified":"2023-06-18T09:56:28","modified_gmt":"2023-06-18T09:56:28","slug":"backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig","title":{"rendered":"BackJSPL Mauritius arm trims debt via balance sheet rejig"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Jindal Steel and Power Ltd (JSPL) on Wednesday announced a restructuring plan for its subsidiary, Jindal Steel & Power (Mauritius) Ltd, which will reduce outstanding loans extended by JSPL to JSPML by \u20b97,776.51 crore.<\/p>\n

\u201cAfter evaluating the situation, JSPL determined that it would be difficult to recover its investments in JSPML in the near future,” said JSPL in a release. JSPL, which has a market capitalization of \u20b955,136 crore, had made strategic investments in JSPML, which in turn invested in mining assets globally.<\/p>\n

\u201cHowever, due to various factors, including global economic uncertainties, both JSPML and its subsidiaries faced operational and financial difficulties, leading to a significant decline in the value of their investments,” said the release.<\/p>\n

The company said despite efforts to improve the business of underperforming subsidiaries through additional funds, the latter were unable to recoup as was anticipated. Consequently, JSPL has allowed JSPML to restructure its balance sheet.<\/p>\n

This restructuring will not impact JSPL’s income statement because provisions for losses have already been made in the previous financial year,” said the Naveen Jindal-promoted firm.<\/p>\n

\u201cThe promoter, promoter group, and group companies have no involvement or interest in this restructuring.<\/p>\n

The shareholding pattern of any entity remains unchanged,” said JSPL. JSPL\u2019s net profit fell 41% at \u20b93,974.09 crore in FY23 from \u20b96,765.7 crore in FY22.<\/p>\n

The company reduced its net debt by \u20b91,923 crore during FY23 to \u20b96,953 crore. JSPL\u2019s leverage ratio (net debt to operating profit) stood at 0.7 times as on 31 March 2023 as against 0.6 times at the end of March 2022. On Wednesday, shares of Jindal Steel and Power ended 1.41% higher at \u20b9540.6 apiece on the National Stock Exchange.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Jindal Steel and Power Ltd (JSPL) on Wednesday announced a restructuring plan for its subsidiary, Jindal Steel & Power (Mauritius) Ltd, which will reduce outstanding loans extended by JSPL to JSPML by \u20b97,776.51 crore. \u201cAfter evaluating the situation, JSPL determined that it would be difficult to recover its investments in JSPML in […]<\/p>\n","protected":false},"author":84,"featured_media":31095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,245,304,241],"class_list":["post-31096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-mauritius","tag-business","tag-mauritius"],"yoast_head":"\nBackJSPL Mauritius arm trims debt via balance sheet rejig - Mauritius<\/title>\n<meta name=\"description\" content=\"Jindal Steel and Power Ltd (JSPL) on Wednesday announced a restructuring plan for its subsidiary, Jindal Steel & Pow ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BackJSPL Mauritius arm trims debt via balance sheet rejig\" \/>\n<meta property=\"og:description\" content=\"Jindal Steel and Power Ltd (JSPL) on Wednesday announced a restructuring plan for its subsidiary, Jindal Steel & Pow ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-18T08:50:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-18T09:56:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/06\/sm_1687065921.136735.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BackJSPL Mauritius arm trims debt via balance sheet rejig\",\"datePublished\":\"2023-06-18T08:50:28+00:00\",\"dateModified\":\"2023-06-18T09:56:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig\"},\"wordCount\":286,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/06\/sm_1687065921.136735.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Business\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/backjspl-mauritius-arm-trims-debt-via-balance-sheet-rejig\",\"name\":\"BackJSPL Mauritius arm trims debt via balance sheet rejig - 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