Hindalco is gearing up for a mega debt restructuring drive. CNBC-TV18 learns from sources that over the next one year Hindalco seeks to restructure its debt of Rs 63,000 crore in three phases.
Hindalco plans to refinance Rs 6,000 crore debt in the first tranche through dollarising debt. Move may reduce company’s debt cost by up to Rs 150 crore. Going ahead, it may raise ECB issue of up to USD 500 million in the second tranche. Discussions are still on to carve out a plan for the remaining debt. In the third tranche, it will actively look to reduce debt.
Hindalco plans to complete the restructuring process by July 2015. A query sent by CNBC-TV18 to Hindalco remained unanswered.
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