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JSPL board okays divestment in Jindal Power to Worldone for ₹3,015 cr April 27, 2021 Worldone was selected by way of an elaborate bidding process Jindal Steel & Power Ltd (JSPL) on Tuesday said it will sell its 96.42 per cent stake in electricity-generation subsidiary Jindal Power Ltd for ₹3,015 crores. The buyer, Worldone Private Ltd is a private company owned by JSPL chairman Naveen Jindal. The approximate enterprise value for the deal is ₹12,000 crore, according to sources, out of which ₹4,400 crore has been balanced against outstanding debt which the power subsidiary had taken from JSPL. Redeemable preference shares make up another ₹7,000 crore. “The divestment is in line with JSPL’s strategic objective to continuously reduce its debt, focus on its India Steel business and significantly reduce its carbon footprint by almost half as part of its ESG objectives,” JSPL said in a statement. ....
Covid-19 patients at Covid emergency ward inside Yamuna Sports complex, as coronavirus cases surge across the country, in New Delhi. NEW DELHI: Companies ranging from state-run oil companies to private steel producers are joining hands with agencies such as DRDO to set up fresh Covid care facilities near their oxygen units to reduce the requirement to transport gas and deal with the infrastructure constraints. Government sources told TOI that That close to half-adozen sites have been identified, including in Panipat and Bina where IndianOil and Bharat Petroleum have refineries. Similarly, JSW’s steel unit in Dolvi (Maharashtra) and Jindal group’s Hisar facilities will also have Covid facilities. Hamirpur in UP and Bellary in Karnataka have been identified as other possible sites. ....