Jindal Steel & Power Ltd is in the process of selling off its coal assets in Botswana to Maatla Energy for $150 million (about Rs 1,070 crore), as part of a plan to reduce its debt burden by up to Rs 5,000 crore in the current financial year. Naveen Jindal’s flagship company has been actively looking for monetising its international assets in Africa and Australia, while renewing its focus on the domestic market.
As part of the Botswana deal, Maatla Energy, a wholly owned subsidiary of MRD Holdings, will acquire 97.44% of the issued share capital of Jindal BVI from JSPL (Mauritius), according to a filing by JSPL with the Competition Authority in Botswana, a copy of which was seen by ET. Jindal BVI is into mining and metallurgy business with subsidiaries in Barbados, Bahamas, Mauritius and Botswana. It has seven subsidiaries in Botswana.
Shares of JSPL, which had hit a 52-week low on Tuesday, jumped on the news to close 9.55% higher at Rs 103.80 on the BSE Wednesday. Read More
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