JSPL aims to reduce net debt to below Rs 30,000 level in next two years

Jindal Steel & Power (JSPL) on Sunday said it has set a target of reducing its net debt by more than Rs 10,000 crore to below Rs 30,000 crore in the next two years.

"JSPL has set target to reduce its net debt by more than Rs 10,000 crore to below Rs 30,000 crore and take EBITDA (earnings before interest, tax, depreciation and amortization) to more than Rs 12,000 crore on a consolidated yearly basis over the next two years," a company statement said.

JSPl chairman Naveen Jindal disclosed his plans at the company's 40th AGM in Hisar on September 27, 2019.

Jindal said, though there is slowdown, the company is comfortably placed in the market with value added and niche products. The company would be more aggressive in marketing its products and would continue to look to divest the non-core assets, to reduce debt to the target level, he added.

"The company has successfully reduced its net debt by more than Rs 4,000 crore in the last fiscal and will continue to work towards doubling the