Jindal Steel & Power (JSPL), an Indian steel and energy company, on Monday, has made a prepayment of Rs. 24.62 billion to its term lenders. This is in continuation of its long stated financial strategy of debt reduction and building a robust balance sheet with optimum capital mix.

The Company's production stood at 7.51 million tonnes during the financial year ended Mar.31, 2021.

JSPL has recently announced divestment of its thermal power business to reduce its debt further as well as to cut down on its carbon footprint by almost half.

Speaking on this development, JSPL's MD, V R Sharma said, "The significant debt reduction is part of our long-term financial strategy to create a strong balance sheet. In the coming quarters we intend to further strengthen our balance sheet and become net debt free in the near future."

Shares of the company gained Rs 9.95, or 2.07%, to settle  at  Rs 490.35.  The total volume of shares traded  was  605,977 at  the BSE (Monday).