Jindal Steel and Power Ltd (JSPL) said on Thursday its step-down subsidiary Jindal Mining SA Proprietary Ltd (JMSA) has turned around and reported cash profits in the recently completed quarter ending September.
JMSA, incorporated in South Africa, had entered into voluntary business rescue in during April and May to protect the interests of various stakeholders and with a long-term vision of turning it profitable and sustainable.
As part of the plan, the company engaged with stakeholders to restructure both operational and financial liabilities to make the business profitable.
"The operations at JMSA are now stable and ramping up well, and is out of the business rescue process," a JSPL spokesperson said in a statement. "JSPL will be looking to monetise this anthracite coal asset as part of its international portfolio rationalisation plan."
The company has investment and business ventures in Mozambique, Namibia, Zambia, Tanzania and Madagascar as well.
However, with rising debt and global slowdown in the coal and steel market over the past few years, JSPL is selling some of its international ventures to reduce its debt burden.
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