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Jindal Steel and Private Ltd (JSPL) will divest a 96.42% stake in Jindal Power Ltd (JPL) and has accepted a binding offer from Worldone Private Ltd, a company owned by the promoter group of JSPL. The company said the equity value is an all-cash offer of Rs 3,015 crore for a 96.42% stake in JPL, including 3,400 MW coal-fired power plants in Chhattisgarh and other non-core assets owned by JPL. The long stop date for completion of the proposed sale is 12 months. JSPL has two coal-fired power plants in Raigarh and Tamnar, totalling 3,400 MW. JPL had earlier tried to sell the units to JSW Energy, but the deal did not close. The company told the media the divestment is in line with the company's strategic objective to reduce its debt and carbon emissions and focus steel production and double the output of its Angul steel plant to 12 million tonne per annum (mtpa). The divestment is subject to approvals, including from shareholders of JSPL, lenders of JPL and JSPL, and statutory sanctions. JSPL's consolidated net debt stood at Rs 25,621 crore as of December 2020 compared with Rs 28,910 crore witnessed as of September 2020. The steel manufacturer aims to reduce its carbon footprint by almost 50%. According to the JSPL, infrastructure spending in India is bound to grow exponentially, and the company is fully aligned with the Indian government's vision of achieving 300 mtpa steel production by 2030. Image Source Also Read: JSPL reveals roadmap for 2030 Also Read: Jindal Power hires former Coal India head as chairman