Jindal Stainless Limited (JSL), India’s largest stainless steel manufacturer, announced its successful exit from the Corporate Debt Restructuring (CDR) framework with effect from March 31, 2019. JSL yesterday received a letter from the consortium of CDR Lenders to this effect. Pursuant to this, existing CDR lenders have realised the full recompense of about Rs 275 crore in cash, which will add to their income in the current fiscal itself.
Commenting on this milestone development, Managing Director, JSL, Mr Abhyuday Jindal said, “The exit from CDR marks a significant step forward for JSL. This underlines the improvement in JSL’s liquidity profile and profitability. The exit will not only provide financial and operational flexibility to our business, but will pave the way for a new growth phase. The CDR tenure was prolonged as sustained imports impacted our top-line growth. We are grateful to all our stakeholders, especially our lenders, for their continued faith in us.” n
