Highradia,China thrust bearings manufacturers

The move will help the Naveen Jindal-led steel-to-power group to pare debt burden. New Delhi: Sajjan Jindal-led JSW Energy on May 4 said it will acquire Jindal Steel and Power Ltd's 1,000 mw power plant in Raigarh, Chhattisgarh for Rs 6,500 crore with certain pre-arranged conditions.The consolidated debt of JSPL is around Rs 46,000 crore.." JPL, a subsidiary of JSPL, has a 4x250 MW plant in Raigarh and a 2,400 MW thermal plant in Tamnar, Chhattisgarh.

The consolidated debt of JSPL is around Rs 46,000 crore. The deal, which was inked between both the firms yesterday, is expected to be completed by June 30, 2018. As per the deal, JSPL Board has approved to divest the 1,000 mw power unit of its subsidiary Jindal Power Ltd (JPL) into a special purpose vehicle (SPV), for the purposes of transferring the same to JSW Energy Ltd, through sale of the entire share capital and other securities.

The transaction also contemplates payment of an interest bearing advance of Rs 500 crore pursuant to the receipt of approvals from the shareholders of JSW Energy and JSPL and the fair Plain bearings suppliers trade regulator CCI, it added. On the deal, JSPL said: "As part of monetisation plans already advised, JSPL has been looking to generate cash flows from select divestments to be in much stronger position to meet all its liabilities and emerge as financially strong and sustainable company in 2016-17. However, the enterprise value of the deal is Rs 4,000 crore plus net current assets and "which will be increased to Rs 6,500 crore plus net current assets, if certain pre-arranged conditions regarding fuel security and power off take are satisfied," JSW Energy said in a statement