JSPL to divest coal-fired power business to reduce emissions, debt

Jindal Steel and Private Limited (JSPL) has accepted a binding offer from Worldone Private Limited to divest 96.42 per cent stake in Jindal Power Limited (JPL).

The divestment is in line with JSPL’s objective to continuously reduce debt, focus on India Steel business and reduce carbon footprint by almost half.  The equity value is an all-cash offer of Rs 30.15 billion for 96.42 per cent stake in JPL including 3,400 MW coal-fired power plants in Chhattisgarh and other non-core assets owned by JPL. The divestment is subject to approvals from shareholders of JSPL, lenders of JPL and JSPL, and other such statutory approvals.