JSPL rejects speculation of payment default, says it will deliver highest ever volumes of steel

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Jindal Steel and Power Limited (JSPL) has said that all recent speculations with respect to its payment default are baseless and false in nature.

"Investors are advised to treat such news as fake news. The company strongly reiterates that it is on track to deliver its highest ever volumes this year and should be able to generate better returns for its stakeholders," it said in a statement late on Wednesday around midnight.

"The business is going on as usual and normal, and the company is generating adequate cash," said Managing Director (Designate) V R Sharma. "So much so, that the company has prepaid Rs 300 crore towards non-convertible debentures earlier than its due date."

With regards to reports regarding any sell-off in pledged shares, Sharma said: "No sale of shares is reported by any of the lenders. More so, the promoter group is looking to reduce the pledge at the earliest."

JSPL is scheduled to report its Q1 FY20 results on August 14.

During the quarter of April to June, the company recorded steel and related products production of 1.57 million tonnes and sales of 1.51 million tonnes, marking a 17 per cent and 16 per cent growth, respectively.

JSPL, a part of the 22 billion dollars diversified O P Jindal Group, has a significant presence in core infrastructure sectors including steel, power, mining and infrastructure.

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