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
Want to receive such news items in your inbox? Click Here to sign up for a trial.