Jindal Steel & Power Limited announced that it has y completed sale of entire stake in subsidiary Jindal Power Limited by way of sale of equity shares and redeemable preference shares to Promoter Group Company & related party Worldone Private Limited. Accordingly, the shareholding of JSPL in Jindal Power Limited has become nil and Jindal Power Limited has ceased to be a material subsidiary of JSPL.By way of consideration, Jindal Steel & Power Limited has received the cash consideration of INR 3,015 cores from Worldone and has novated its obligations and liabilities in relation to the intercorporate deposits and capital advances paid by Jindal Power Limited to the Jindal Steel & Power Limited aggregating INR 4,386 crores in favor of Worldone.Jindal Power and Steel Limited’s board had approved divesting its entire equity interest of 96.4% in Jindal Power Limited to Worldone Private Limited, which is a private company owned by the Promoter Group, a promoter group company, for INR 3,015 crore in April 2022 end. JSPL had said “The divestment is in line with JSPL’s strategic objective to continuously reduce its debt, focus on its India steel business and significantly reduce carbon footprint by almost half as part of its environmental, Social, And Governance objectives."The deal includes 3,400 MW coal-fired power plants in Chhattisgarh and other non-core assets owned by JPL. JSPL has two coal-fired power plants in Raigarh and Tamnar totaling 3400 MW.