India’s JSPL sells coal-fired power business for $400m to Worldone
This move aims to reduce the company’s debt and carbon footprint by almost half.
India’s Jindal Steel and Private Limited (JSPL) has sold 96.42% of its stake in subsidiary Jindal Power Limited to Worldone Private for INR30.15b ($400m)
Worldone is a company owned by the promoter group of JSPL.
Jindal Power owns and operates 3,400 MW of coal-fired power capacity in the state of Chhattisgarh, including four 250MW and four 600MW thermal power units in Tamnar.
“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,” said JSPL managing director VR Sharma.
Aside from power, JSPL also has businesses in steel, power, mining and infrastructure sectors.