JSPL aims to reduce its net debt by more than Rs. 10,000 crores to below Rs. 30 thousand crores and take EBITDA (Earnings Before Interest, Tax, Depreciation & Amortization) to more than Rs. 12 thousand crores on a consolidated yearly basis over the next two years.
Naveen Jindal, Chairman, JSPL announced his plan at the company’s 40th AGM in Hisar on 27 September 2019. Congratulating team JSPL for the turnaround Jindal said, ‘Though there is slowdown, our company is comfortably placed in the market with our value added and niche products. It has successfully reduced its net debt by more than Rs. 4000 crores in the last fiscal and will continue to work towards doubling the EBITDA in next 2-3 years,” he added.
JSPL Chairman appreciated the efforts by the govt to focus on Coal Gasification, a clean coal technology . JSPL has a coal Gasification based DRI plant at Angul and with increase in steel demand, we shall restart production from it. He also said, “JSPL is ready to support the government in this endeavor. India is having the 3rd largest coal reserves; and we believe that our country can change the energy scenario world over with such innovative clean coal and environment friendly technologies.”
Detailing the contribution of JSPL to the nation in last 30 years, he said that the company has done a cumulative turnover to the tune of Rs 3 lakh crores with investments of over Rs 80,000 crores, generated livelihood for over 1 lakh families and paid more than Rs. 39,000 crore as taxes apart from benefitting lakhs of families with its CSR activities.
Appreciating the Government’s plan for investing Rs 100 lakh crore in infrastructure sector, he said, ‘JSPL is delivering rails well before stipulated time. We have supplied more than 1.26 lakh tons of rails so far and are supplying more. RVNL has also ordered for rails worth Rs. 750 crores and our team is looking to fulfil the commitment before deadline. We can meet the Rail needs of India and there would never be any need for imports.
Focusing on Government’s priority for housing for all, Jindal said, JSPL innovative products including Jindal Panther 550D TMT Rebar and prefabricated structures could help in not only building faster but with greater strength too, which could prove to be a game changer for sustainable housing.
Talking about the recent corporate tax cuts, Jindal complemented the efforts of the Government to bolster manufacturing sector and believes this could generate more employment.