JSPL to divest stake in Jindal Power to Worldone for Rs3,015 crore

MUMBAI: Jindal Power and Steel (JSPL) on Tuesday said its board has approved divesting its entire equity interest in Jindal Power to Worldone, a promoter group company, for Rs3,015 crore.

“The board of directors of JSPL has approved the divestment of its entire equity interest (representing 96.42%of the issued and paid up capital) in Jindal Power by way of sale of shares, to Worldone Pvt Ltd, a promoter group company and a related party to the company,” JSPL said in a regulatory filing.

The company added that the divestment is in line with JSPL’s strategic aim of continuously reducing its debt, focussing on its India steel business and reducing its carbon footprint by almost half as part of its ESG objectives