Kolkata, July 08: Buoyed by the highest ever profit of Rs 1012.31 crore in previous fiscal that helped it become one of the few Economic Value Added (EVA) Positive steel companies globally, Tata Iron and Steel Company Limited (Tata Steel) is planning to bring down significantly its debt burden by prepayment of a major part of its foreign currency loan. "The company proposes to substantially reduce the debt of Rs 4225.61 crore as on March 31, 2003 during current financial by prepayment of some of the existing loans, a large part being foreign currency loans," Tata Steel sources said.
This is expected to bring down the interest burden and foreign currency exposure further during the year, sources added.

It had paid interest of Rs 304.82 crore during 2002-03, down by Rs 64.93 crore from Rs 369.75 crore in 2001-02.
The total debt of the company repayable in foreign currency stood at Rs 1129.09 crore as on March 31, 2003 as against Rs 1160.20 crore in 2001-02. Bureau Report