JSPL to sell stake Jindal Power for ₹3,015 crore
The Hindu
Transaction will help firm to cut debt
Jindal Steel & Power Ltd (JSPL) on Tuesday said it had accepted a binding offer from Worldone Pvt. Ltd, a promoter group company, to divest 96.42% stake in its subsidiary Jindal Power Ltd. for cash consideration of ₹3,015 crore. The divestment is in line with JSPL’s strategic objective to continuously reduce its debt, focus on India steel business and significantly reduce carbon footprint by almost half, it said. JPL owns 3,400 MW coal-fired power plants in Chhattisgarh. JPL’s non-core assets are also part of this deal.
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