NEW DELHI: Naveen Jindal-led Jindal Steel and Power (JSPL) today said it has defaulted on payment of interest on non convertible debentures (NCD), due on September 30, 2016 on account of cash flow mismatches. "The company has not made payment towards the interest due on ... NCDs, the due date for payment of which was September 30, 2016," the debt-laden firm said in a regulatory filing. When contacted, a JSPL spokesperson said: "The non payment of interest on the NCDs has been disclosed as per regulatory norms. Earlier this week, JSPL said it will sell its 24 MW wind power plant in Satara, Maharashtra to a subsidiary of India infrastructure Fund II for an undisclosed amount. Similarly, in March, JSPL announced that its subsidiary Jindal Power has entered into a definitive agreement to divest 4.12 per cent stake in Indian Energy Exchange for an undisclosed amount by month-end.

Source: Economic Times October 06, 2016 09:56 UTC