Tata Steel Ltd. is not looking for a joint venture partner in Europe for now after a deal Germany’s ThyssenKrupp fell, but plans to go ahead with its plan to pare debt.
Koushik Chatterjee, executive director, and chief financial officer at the steelmaker said that a combination of free cash flows along with the sale of non-core assets should be able to service the debt target of nearly $1 billion (about Rs 6,800 crore) in the ongoing financial year.
Chatterjee, however, said debt reduction would go as planned despite its capital expenditure to increase capacity at Kalinganagar, Odisha to 5 million tonnes a year. In 2018-19 fiscal, Tata Steel generated operating income of around Rs 30,000 crore.
Adjusted for CapEx worth Rs 8,000 crore, interest payment of about Rs 4,000 crore and a dividend payout of nearly Rs 2,500 crore, it still had cash flows. 
While the company has no specific expectation from the Budget 2019, Chatterjee said any step to boost growth and focus on credit strategy would not just stimulate demand for steel but the overall economy.
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