Jindal Steel inks pact with India Infrastructure Fund’s arm

Jindal Steel & Power has executed an agreement with a wholly owned subsidiary of India Infrastructure Fund II (which is represented by its investment manager MEC Alternatives) for sale of 24MW Wind power generation business undertaking situated at Satara, Maharashtra.

The turnover of Business undertaking last financial year (FY16) was approximately Rs 20.86 crore which implies approximately 0.14% of the standalone turnover of the company (Rs 14,936.72 crore). Net Worth of the Business undertaking last financial year (FY16) was approximately Rs 112 crore which implies approximately 0.98% of the of the standalone net worth of the company (Rs 11,441.47 crore).

The agreement for sale has been entered on October 3, 2016 and the expected date of completion of sale/ disposal is 2 months.

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.