Jindal Power divests 4.12% holding in India Energy Exchange – Feedback

As part of the monetisation plan, Jindal Power Limited, a subsidiary company of Jindal Steel & Power Limited (JSPL) has entered into a definitive agreement to divest 4.12% holding in India Energy Exchange at an undisclosed amount and is expected to realise the consideration within the current financial year.

JSPL financials have been adversely impacted due to the cancellation of coal blocks and payment of additional levy on coal of more than Rs 3,300 crore in FY 14-15 & 15-16 as a result of a Supreme Court order. Besides, the steel sector globally has been impacted due to reduced demand from China and it’s over capacity, the company said. The company said JSPL’s investment in enhancing steel capacities in Angul and power capacity in Jindal Power (JPL) Tamnar have been completed / commissioned; and are in stable level of operation.

http://www.business-standard.com/article/companies/jindal-power-divests-4-12-holding-in-india-energy-exchange-116031401160_1.html

About news

We take care of publishing the latest investment news and highlights for Feedback

Leave a Reply

Your email address will not be published. Required fields are marked *