Jindal Steel & Power (JSPL) has received an approval for sale of captive power plants (CPP) of the company situated at Angul, Odisha (6 x 135 MW) and at Raigarh, Chhattisgarh (2 x 55 MW) aggregating to 920 MW capacity to JPL wherein JSPL owns 96.43% shareholding, at a fair market value determined by an independent valuer appointed by the board. The board of directors at its meeting held on November 14, 2015 has given an approval for the same.
The above is subject to the approval of the shareholders and other approvals, as may be required. This transaction, once completed, will help in obtaining operational economies, consolidating and effectively managing power business and maximizing the value of business at JPL level.
JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.
