Jindal Steel and Power Limited (JSPL), a steel and energy company in India, planned to spend US$2.4 billion to increase its steel production capacity over the next six years because steel demand has recovered from the COVID-19 epidemic.

According to JSPL, in the fiscal year ending in March 2024, the total annual steel capacity will be raised to 15.9 million tons from the current 8.6 million tons, and the capacity of pellet will be increased more than double to 21 million tons per year.

JSPL also planned to become a company with no net debt by 2023, and the firm has a net debt of 130 billion rupees currently. It hoped to reduce its net debt by 40 billion rupees by the end of this year.