JSPL sells entire stake in Jindal Power to Worldone for Rs. 3,015 crore; move to reduce JSPL carbon footprint by almost 50%


Jindal Steel & Power Limited (JSPL) has accepted a binding offer from Worldone Private Limited to divest its 96.42% stake in Jindal Power Limited (JPL), a material subsidiary of the Company for Rs. 3,015. According to the JSPL, the divestment is in line with the company’s strategic objective to continuously reduce its debt, focus on its India Steel business and significantly reduce its carbon footprint by almost half as part of its ESG objectives.

The equity value is an all-cash offer of Rs. 3,015 crores for 96.42% stake in the JPL
including 3,400 MW Coal fired power plants in State of Chhattisgarh and other non-core assets owned by the JPL.

The divestment is subject to receipt of requisite approvals including approval from
shareholders of the JSPL, approval from lenders of the JPL and the JSPL, and such other statutory approvals, consents, permissions and sanctions as may be necessary in line with the extant relevant guidelines.

Grant Thornton acted as the Transaction Advisor and ran a comprehensive sale process, reaching out to numerous national & international investors for the asset. Cyril
Amarchand Mangaldas, India, acted as JSPL’s legal advisor for the transaction.

JSPL MD VR Sharma said, “This divestment is in line with our ESG objectives to be
amongst the top 10 lowest Co2 emitting steel companies of the world. It is yet another step towards our vision to reduce debt substantially and create a robust balance sheet for our investors and stakeholders. Looking to the future, JSPL will be a key growth driver in the Indian steel industry and will now focus on undertaking expansion of its Angul steel plant from 6 MTPA to 12 MTPA.

“Infrastructure spending in India is bound to grow exponentially and JSPL is fully aligned with GoI’s vision of achieving 300 MTPA steel production by 2030. We firmly believe in the India growth story and its potential to be an engine of global growth.”

About JSPL
JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and
infrastructure sectors. Having an investment of $ 11 billion USD across the globe, the company is continuously scaling its capacity utilizations and efficiencies to capture opportunities for building a self-reliant India.

About Worldone Private Limited
Incorporated in India in 1999, Worldone Private Limited is a private company owned by the
Promoter Group, and managing & holding investments across various listed and unlisted

Previous articleTaapsee Pannu’s rare public meltdown after troll copies jibe from Kangana Ranaut to hurl insults on Pink actor
Next articleSBI Clerk Recruitment 2021: एसबीआई में क्लर्क के 5237 पदों पर निकली वैकेंसी, जानें योग्यता, सैलरी, आवेदन समेत अन्य बातें; sbi.co.in पर जाकर करें अप्लाई