JSPL to offload power biz to promoter firm for Rs 3,015 crore – News 24-7 Live News 24-7 Live
JSPL to offload power biz to promoter firm for Rs 3,015 crore

JSPL to offload power biz to promoter firm for Rs 3,015 crore

The board of Jindal Steel and Power (JSPL) on Tuesday approved the divestment of its 96.4% stake in the company’s subsidiary Jindal Power (JPL) for Rs 3,015 crore to Worldone Private, which is owned by JSPL’s promoter group.

Apart from reducing debt by around Rs 5,000 crore, this deal will help JSPL focus on its steel-making operations with a deleveraged balance sheet and do away with capex liabilities of around Rs 2,500 crore related to environmental compliance. The conclusion of this related party transaction, however, is subject to several approvals.

News Source: financialexpress

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