India: JSPL to strategically divest from its power arm

In a recent filing in BSE today, the company released its disinvestment strategy of its coal fired power business,

Highlights-

• JSPL accepted the offer from Worldone Pvt Ltd (“Acquirer”), to divest its 96.42% stake in Jindal Power Ltd (JPL), for a consideration of INR 3,015 crores.
• The strategic objective is to further reduce company’s debt, and focus on its India Steel business and upcoming Angul plant expansion from 6 MTPA to 12 MTPA
• Will help in slashing the carbon emission by half.

Mr V. R. Sharma (MD JSPL) said, “this divestment is in line with our ESG objectives to be amongst the top 10 lowest Co2 emitting steel companies of the world…”