JSPL to sell power business to promoter firm for ₹3,015 crore

Jindal Power and Steel Ltd (JSPL) on Tuesday said its board has approved the sale of its power subsidiary Jindal Power Ltd to Worldone, a promoter group company, for ₹3,015 crore. Worldone was selected after it submitted the highest binding bid on acceptable terms and conditions in a bidding process run by Grant Thornton Advisory, JSPL said.

“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.