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The Competition Commission of India (CCI) has given its nod for Worldone’s acquisition of 96.42 per cent stake in Jindal Power Limited (JPL) from Jindal Steel and Power Ltd (JSPL).
Worldone will pay a consideration of ₹7,401 crore to JSPL for the acquisition. JSPL holds 96.42 per cent stake in JPL.
It maybe recalled that the amount of ₹7,401 crore was the revised offer made by Worldone, which is a private company owned by the promoter group of JSPL. As an investment holding company, Worldline has investments in various listed and unlisted companies.
Of the ₹7,401 crore, about ₹3,015 crore will be paid in cash and the balance ₹4,386 crore will be settled by way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances extended by JPL to JSPL.
JPL is primarily engaged in the business of generating thermal power by using coal as a fuel source.
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