New Delhi: Ravi Uppal will step down as the managing director and group CEO of debt-laden steel maker Jindal Steel & Power Ltd (JSPL) by the month-end after a 5-year term.

“It is hereby informed that Mr Ravi Uppal, managing director & group CEO of JSPL will be completing his five year term on 30 September 2017," the company said in a filing to BSE.

JSPL group chairman Naveen Jindal wished Uppal well for his future endeavours and also recognised his efforts for enabling the turnaround of the steel major. “He (Jindal) described him as an astute business leader with excellent organisational building skills and execution abilities," JSPL said.

Uppal described his tenure with JSPL as an “exceptional experience which he thoroughly enjoyed". JSPL had said in its latest report that brief discrepancy in the flow of cash last fiscal had led to temporary delays in meeting some interest obligations of the company.

The debt-laden firm had defaulted in December on interest payment on non-convertible debentures.