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Investors force Jindals to revise terms of JPL selloff plan
While recommending shareholders to reject the proposal, Ingovern said the enterprise value of JPL should be in the range of Rs 10,000-12,000 crore, considering similar deals in the recent past.
Synopsis
Jindal Power, one of the biggest subsidiaries of JSPL, operates across the energy spectrum – thermal, hydro, renewable. It has an installed capacity of 3400 MW, comprising four units of 250 MW and four units of 600 MW capacity.
MUMBAI: Facing pushback from his shareholders, Naveen Jindal, chairman of Jindal Steel and Power, is considering simplifying the proposed plan to sell the firm’s power business to himself, people in the know said.
JSPL selling subsidiary to promoter family at one-fourth of price: Ingovern
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Enterprise value of JPL is in the range of ₹10,000-12,000 crore but the promoters want to take control of 96.42% of the company for just ₹3,015 crore
PALAK SHAH
Are the promoters of Jindal Steel and Power (JSPL) attempting to take private control of one of the subsidiaries of the company at one-fourth of its actual price and cause loss to the shareholders?
JSPL has a fully owned subsidiary called Jindal Power (JPL). The JSPL has now sought shareholders nod for the divestment of JPL in favour of Worldone Pvt Ltd, a company owned by the Jindal family.