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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.
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