Client Profile: Jindal Stainless Limited (“JSL” or the “Company) is a leader in Stainless Steel in India for the last 40 years and is the largest producer of Stainless Steel with a capacity of 1.6 mn MTPA

Transaction Snapshot:

• Faced with macro-economic headwinds and deteriorating conditions in the global and local stainless steel sector as well as leverage due to recent capacity expansion, the Company embarked on an Asset Monetization Plan involving demerger and transfer of existing underutilized assets followed by new debt financing facilities in the demerged entities
• The implementation of the AMP required approvals from statutory authorities, shareholders and creditors, including consent of lenders of ECB facilities of USD 250 mn to the Company

Avista Advisory’s Role:

• Avista conducted a review and due diligence of the proposed Asset Monetization Programme (AMP) of the Company and assisted the Company in its discussions with the ECB lenders for obtaining their consent.
• Avista organized several rounds of meetings with each creditor and their risk management team and highlighted the key aspects of the AMP and its benefit in helping the Company meet its debt servicing obligations and helped secure consents from the ECB lenders for the AMP