STC Asked JSW to Clear Ispat Dews

Dec 31, 2010, 11:58 IST

State Trading Corporation approached JSW Steel for recovering Rs 550 crore owed by Ispat Industries.

State Trading Corporation in December 2010 approached Sajjan Jindal-owned JSW Steel for recovering Rs 550 crore owed by Ispat Industries. JSW recently became India's largest steelmaker by capacity after it offered to buy 41% in Ispat for Rs 2157 crore. The government-owned trading house, STC wrote to JSW asking it settle the dues after it failed to get a response from Ispat. Ispat Industries owes various lenders about Rs 9500 crore, including working capital that JSW proposes to refinance through fresh loans at lower costs. JSW specified that lenders to Ispat gave them time till September 2011 to meet Ispat's debts.

Jagranjosh
Jagranjosh

Education Desk

Your career begins here! At Jagranjosh.com, our vision is to enable the youth to make informed life decisions, and our mission is to create credible and actionable content that answers questions or solves problems for India’s share of Next Billion Users. As India’s leading education and career guidance platform, we connect the dots for students, guiding them through every step of their journey—from excelling in school exams, board exams, and entrance tests to securing competitive jobs and building essential skills for their profession. With our deep expertise in exams and education, along with accurate information, expert insights, and interactive tools, we bridge the gap between education and opportunity, empowering students to confidently achieve their goals.

... Read More
Get here latest daily, weekly and monthly Current Affairs and GK in English and Hindi for UPSC, SSC, Banking, Railway, Defence and exams. Download Jagran Josh Current Affairs App.

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

AndroidIOS

Trending

Latest Education News