Jindal Steel & Power (JSPL) has received approval from shareholders to sell 96.42 per cent stake in its arm Jindal Power (JPL) for Rs 7,401 crore to its promoters owned firm Worldone. Out of total consideration, Rs 3,015 crore will be payable by cash, and the balance Rs 4,386 crore (approximately) will be by way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances paid by JPL to JSPL.
JSPL is one of India’s fastest growing and largest integrated steel manufacturers, significantly present in Steel, Power Generation and Infrastructure segments and catering to a large part of India's domestic energy and infrastructure requirement.
