Competition Commission of India (CCI) has approved the acquisition of over 96 per cent stake in Jindal Steel & Power’s (JSPL) subsidiary company -- Jindal Power by Worldone. Earlier in July, Jindal Steel & Power had received Rs 7,401 crore revised offer from Worldone to acquire the 96.42 per cent stake in Jindal Power.
The proposed combination is in line with JSPL's strategic objective to bring down its debt and to reduce the firm's carbon footprint as part of its broader ESG (Environmental, Social and Governance) objectives. Worldone is a private company owned by the Promoter Group of JSPL, managing and holding investments across various listed and unlisted companies.
Jindal Steel & Power 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.
Company Name | CMP |
---|---|
Jindal Steel & Power | 938.55 |
Jai Balaji Inds | 1110.00 |
Lloyds Metals&Energy | 716.55 |
Steel Exchange India | 14.40 |
KIC Metalik | 54.11 |
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