Birla Corp's debt had risen with the acquisition of RCCPL assets. The company has also undertaken greenfield capacity expansion at an estimated cost of ~| 2500 crore in Maharashtra. This project would be funded by debt to the extent of 70-75%, leading to further addition in debt. The decision to keep the Kundanganj brownfield expansion on hold would help keep leverage from increasing further. We expect debt to peak in FY21 (refer...