Jindal Steel and Power said that the company is now aiming to clear all its overseas debt in the coming quarters.
During the month, its sales volume also increased by 4 per cent y-o-y to 7.1 lakh tonne, Jindal Steel and Power Limited (JSPL) said in a statement.
Worldone will buy out all the Equity Shares and Redeemable Preference Shares of JPL held by JSPL for a total consideration of approximately Rs 7,401 crore.
The JSPL chief thanked govt for approving the proposal with Rs 1 lakh crore investment
The consolidated net profit for the period stood at Rs 2,516 crore against Rs 236 crore the previous year.
JSPL and its transaction advisors have successfully negotiated a revised and improved binding offer from Worldone, according to a statement issued.
Odisha government has strongly refuted Jindal Steel and Power Limited (JSPL)’s charges of iron ore shortage for end use plants and ore price here being one of the highest in the country.
JSPL’s board had decided in April this year to sell its 96.42% stake in JPL to Worldone Pvt, a firm owned by its promoters, for Rs 3,015 crore cash.
Jindal Steel and Power Ltd to raise Rs 1, 000 crore via QIP in February; plans to list Oman business
Jindal also said that JSPL is regularly servicing all its debt commitments and the company's all plants are working in full swing.