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.