JSL has been using scrap stainless steel as its main source of raw material and will position its business as a major recycler to potential bond investors.
The proceeds from the potential bond issue will be used to replace the existing loans with lower priced borrowings. Ratan Jindal is amongst four sons to whom their father OP Jindal bequeathed parts of the Jindal steel empire. Sajjan Jindal, Naveen Jindal and Prithviraj Jindal are his siblings.
JSL did not comment on ET’s queries. JSL uses stainless steel scrap as raw material for 80% of its manufacturing needs. It will also power all future capacity additions with green power as part of the plan to set sustainability-linked goals for itself, as per people aware of the matter.
The company underwent corporate debt restructuring in 2015. This resulted in certain assets being carved out and parked into a separate company, Jindal Stainless Hisar.
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