Power News We love to talk!

MAR 15 2016

Jindal Power divests 4.12% in IEX

  • Economic Times, ET Bureau / Hyderabad
  • Created: Tue 15th MAR 2016

Jindal Power Ltd, a subsidiary of Jindal Steel and Power Ltd, has sold its 4.12 per cent shareholding in India Energy Exchange, as part of the group's efforts to bring down its debt.

 Sources in the know of the development indicated that the stake sale could fetch Jindal Power Ltd a little under Rs. 100 crore.  Rating agencies have downgraded the company’s credit rating. In the nine months of fiscal 2015-16, the company has reported a net loss of Rs. 1,636 crore, while its net revenue was Rs. 13,539 crore.

 On Monday, JSPL said that its financials have been adversely impacted by the cancellation of coal blocks in 2014, payment of an additional levy of more than Rs. 3,300 crore in the 2014-15 and 2015-16 due to a Supreme Court order and the weakness in the steel industry.

 

Tags

Jindal Power Ltd India Energy Exchange Jindal Steel and Power Ltd Coal Energy Power India

Related News

  • India needs to build solar-electricity storage system: Researcher  Read more
  • ONGC weakens, RIL firms up after gas price increase  Read more
  • After NSG rebuff, India falls back on fossil fuels for energy security  Read more
  • Lapsed MoUs impede progress of power projects  Read more
  • Coal mine auction: JSPL may challenge bid rejection in court  Read more
  • Indias Torrent Power seeks 38 LNG cargoes via term import tender  Read more
  • Modi government on mission mode for 1.75 lakh MW renewable power by 2022  Read more
  • Ailing power discoms told to shape up as they are given tough revenue targets  Read more
  • Power tariffs need to be rationalised  Read more
  • Australian solar firm sign agreements with 2 Indian power companies  Read more