Debt

Debt financing

Jai Balaji Industries raises Rs.559-Cr from Tata Capital Finance to retire legacy NPAs

Economic Times  

Steel maker Jai Balaji Industries Ltd has signed a INR 559 crore debt agreement with Tata Capital Financial Services to retire the remaining legacy non-performing assets (NPAs) held by two asset reconstruction companies. In 2018-19, Jai Balaji had an outstanding NPA of about INR 3,000 crore, and banks subsequently sold this debt to two ARCs. The new debt structure will enable the company to move forward with its expansion plans for ductile iron pipes and special grade ferro alloys