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The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds).
The total borrowing (including interest) of the company is Rs 29,277 crore, repayable by 2037, against which Rs 3,956 crore was overdue as on 30 April 2023. Out of the said borrowing of Rs 29,277 crore, Rs 18,106 crore will get further reduced on transfer to the proposed Special Purpose Vehicle (SPV) for which the scheme of arrangement duly approved by all the stakeholders, is pending sanction of NCLT. The entire loan is in any case under restructuring.
The company said that it has been taking tangible steps to reduce the borrowings. Post the proposed divestment of cement business and the restructuring under consideration, the borrowing will get almost to NIL upon implementation of revised restructuring plan.
JAL is an Indian conglomerate company based in Noida, Uttar Pradesh, India. It has business interests in engineering, construction, power, cement, real estate, hospitality, IT, sports and education.
On a consolidated basis, JAL reported net loss of Rs 309.28 crore in Q3 December 2022 as against net loss of Rs 343.72 crore in Q3 December 2021. Net sales rose 0.40% YoY to Rs 1896.18 crore in Q3 December 2022.
Shares of JAL fell 0.40% to Rs 7.44 on Tuesday, 9 May 2023.
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