Jindal Steel & Power has completed the proposed sale of entire stake in Jindal Power (JPL), a material subsidiary of the Company, by way of sale of equity shares and redeemable preference shares, to Worldone, a Promoter Group Company and a related party to the Company.
Accordingly, the shareholding of the company in JPL has become 'nil' and JPL has ceased to be a material subsidiary of the Company. By way of consideration, the company has received the cash consideration of Rs 3015 crore from Worldone and the Company has novated its obligations and liabilities in relation to the inter-corporate deposits and capital advances paid by JPL to the Company, aggregating to Rs 4386 crore in favour of Worldone.
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.
