Promoter company Worldone to acquire JSPL’s thermal power business
Jindal Steel & Power (JSPL) has sold off its thermal power business to Worldone, a company owned by the promoter group of JSPL.
JSPL has divested 96.42 per cent stake in Jindal Power (JPL) to Worldone.
Industry sources said the estimated deal size is close to Rs 12,000 crore, which includes Rs 6,500 crore debt, Rs 7,000 crore redeemable preference shares and Rs 3,015 crore equity infusion. It also includes Rs 4,400 crore of an old loan, which JPL had taken from JSPL.
“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 ESG (environmental, social, and governance) objectives,” JSPL said in a statement.
