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Jindal Steel & Power update on mining business in South Africa

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Jindal Steel & Power announced that its subsidiary, Jindal Mining SA (JMSA), a company incorporated in South Africa has turned around and reported cash profits in the recently completed quarter ending September 2019 from South Africa.

JMSA had entered into Voluntary Business Rescue in April-May 2019. With a view to protect the interests of various stakeholders and with a long term vision of turning it profitable & sustainable, the company had taken the strategic decision to take the Business Rescue (BR) route.

As part of the BR, the company engaged with stakeholders to restructure the liabilities (both Operational and Financial) to make the business profitable in the long run.

The operations at JMSA are now stable and ramping up well and is out of the Business Rescue (BR) process. JSPL will be looking to monetize this anthracite coal asset as part of its International Portfolio Rationalization Plan.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 14 2019. 09:29 IST