JSW Energy is looking to refinance INR 2,000 crore of debt by the end of this financial year. The company is awaiting interest rates to moderate to time its restructuring process.

Mr Pramod Menon CFO of JSW Energy said that “There is only one more debt refinancing that we are talking of, but that would essentially come in the last quarter of this financial year.”

Mr Menon said that “It’s too early to comment how much interest rate reduction we would be able to get when we go in for the refinancing. A bigger problem for the power sector currently is that banks have become more cautious to lend.”

Mr Menon said that “Given the interest rate hikes that have happened, we would have been at 13 to 14% interest rate, but now, we are at 11.12%.”

JSW Energy has successfully completed two debt restructuring till date. It refinanced INR 410 crore in debt last quarter. Prior to that, it had refinanced debt worth INR 3,800 crore. The company managed to bring down its interest rates in the two restructuring processes.

At the end of September, JSW Energy had debts of INR 9,800 crore on a consolidated basis and INR 5,700 crore on a standalone basis.

(Sourced from BS)