Jindal Steel and Power Ltd (JSPL) has sought shareholders’ nod to divest 1,000 mega watt (MW) power plant of a subsidiary company and sale of its 920 MW captive power plants.
In postal ballot notice, the company said “consent of the members be and is hereby accorded to divest the 1000 MW power plant of the subsidiary company viz. Jindal Power Ltd to JSW Energy Ltd, a related party through a process of scheme or other mechanisms including transfer through special purpose vehicle (SPV).”
It further said: “Consent of the members be and is hereby accorded to transfer the following plants of the company together with all rights, title, interest, contracts, liabilities, consents and licenses in the plants, on a going concern basis to Jindal Power Ltd through a process of scheme or other mechanism”.
The company is looking to sell entire plant and machinery of 810 MW (6 x 135 MW) captive power plant located at Angul, Odisha and entire plant and machinery of 110MW (2 x 55 MW) captive power plant located at Raigarh, Chhattisgarh.
Shares of Jindal Steel and Power Ltd were trading 1.30 per cent higher at Rs 66.35 apiece on BSE.