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Jindal Steel defaults on debenture interest payments
October 5, 2016 / 6:31 PM / a year ago

Jindal Steel defaults on debenture interest payments

MUMBAI (Reuters) - India’s Jindal Steel and Power (JNSP.NS) said on Wednesday it had not made interest payments due on some of its non-convertible debentures, underscoring the size of the debt-laden company’s woes.

Workers walk inside the Jindal Power and Steel Ltd. complex at Nisha village in the eastern Indian state of Orissa March 27, 2012. REUTERS/Rupak De Chowdhuri

New Delhi-based Jindal Steel, headed by businessman Naveen Jindal, is one of the most heavily-indebted Indian firms with a net debt of about 460 billion rupees ($6.9 billion) at end-March.

In a filing on Wednesday, it listed 11 debentures on which interest was due on Sept. 30 but had not been paid.

The company is working to sell more assets in India and abroad to cut its debt, its chief executive told Reuters in May after it agreed to sell a 1,000 megawatt power plant to JSW Energy (JSWE.NS), run by Naveen’s brother Sajjan Jindal’s group.

Writing by Devidutta Tripathy; Editing by Adrian Croft

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