Investor advisory firms approve Jindal Steel plan to divest power biz
Retail and institutional investor advisory firms have given their nod for Naveen Jindal-led Jindal Steel NSE 0.67 % to divest its power business Jindal Power Ltd (JPL) to Worldone Private Limited which was rejected earlier on account of lower valuation.
“The enterprise value of Rs 9,730 crore for the 3,400 MW assets of JPL is in line with market valuations on a per megawatt basis at Rs 2.86 crore per megawatt,” said a report by InGovern Research Services, a corporate governance advisory firm.
