India's JSPL prepays $357 million financial obligation via its Mauritius subsidiary-Pumao steel

India's Jindal Steel and Power Limited's (JSPL) subsidiary in Mauritius has actually made a prepayment of $357 million to lenders, a company statement claimed on Monday, March 21.

The early repayment will help remove the whole financial obligation of JSPL Mauritius Limited and JSPL, the company statement stated.

"JSPL Mauritius Limited has pre-payed a $357 million financing to its loan provider and the whole overseas debt will be completely paid in the coming quarter," the statement stated.

It claimed that over the last 3 years the firm has actually been able to decrease its overseas financial debt from $1.8 billion to $130 billion.

According to JSPL, the Mauritius-based subsidiary is the holding company for its abroad mines as well as minerals possessions. "The finance was considered obtaining mines and also mineral assets to mainly give basic material safety and security to JSPL India steel operations," JSPL claimed in its declaration.