New Delhi, Dec 9 (PTI) Germany-based KfW IPEX-Bank has extended a USD 82-million (about Rs 615 crore) financial support to Jindal Stainless Limited to procure machinery from Austrian companies Primetals Technologies and Andritz AG.
JSL is procuring capital equipment from Europe as part of its plan for expansion of its production facilities in Jajpur, Odisha, from 1.1 million tonnes per annum (MTPA) to 2.1 MTPA.
KfW IPEX-Bank is providing USD 82 million in financing to support Austrian companies Primetals Technologies Austria GmbH and Andritz AG in supplying products and services to JSL, the Indian market leader in stainless steel production, said a joint statement on Thursday.
“This long tenor financing for our growth Capex manifests investor confidence in the stainless steel business and the improved creditworthiness of Jindal Stainless.
“We’ve been paring down our debt and will continue to observe healthy leverage ratios. This funding is a win-win opportunity for both sides to promote indigenous growth and encourage local employment,” JSL Group CFO Anurag Mantri said. PTI ABI BAL BAL
