Jai Balaji Industries is planning for a Rs 1,000 crore capital expenditure.

The steel industry firm has navigated a challenging journey from the apex court's coal block deallocation and a bold 5 million tonne per annum greenfield expansion.

The company faced a formidable hurdle in 2011-12 when it defaulted on a substantial ₹3,400 crore loan from a consortium of 22 banks due to the Supreme Court's coal block decision.

Despite being dragged into the Insolvency and Bankruptcy Code (IBC), Jai Balaji Industries successfully negotiated an out-of-court settlement with its lenders.

Some banks assigned the loans to asset reconstruction companies, including Edelweiss and Omkara, while others resolved dues directly with the company.

Aditya Jajodia, Chairman and Managing Director of Jai Balaji Industries, attributed the company's turnaround to the unwavering support of financial lenders, shareholders, and employees who demonstrated steadfast faith in the management's capabilities.

"To bolster net worth and instill confidence among lenders, the promoter's family injected Rs 250 crore into the company this year. Additionally, the company recently secured Rs 559 crore from Tata Capital to retire outstanding debt and allocated ₹40 crore for working capital," Aditya said.

Jai Balaji Industries has outlined a comprehensive capex plan of ₹1,000 crore, primarily directed at augmenting the capacity of DI pipes and special-grade ferroalloys at its Durgapur plant in West Bengal.