JSPL Divests Stake in Jindal Power Limited to Worldone
Jindal Power LimitedGlassdoor

JSPL Divests Stake in Jindal Power Limited to Worldone

Jindal Power and Steel Limited’s board has approved divesting its entire equity interest of 96.4% in Jindal Power Limited to Worldone Private Limited, which is

Jindal Power and Steel Limited’s board has 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. JSPL 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.

The divestment is subject to requisite approvals, including approval from shareholders of JSPL, lenders of JPL and JSPL, and such other statutory approvals.

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