Brother helps Naveen Jindal |
Billionaire Sajjan Jindal’s JSW Energy has agreed to buy a 1,000 megawatt power plant from his brother’s heavily indebted Jindal Steel and Powerin a deal valued at up to $976 million ( Rs 6500 crore). Jindal Steel said the deal, to be completed by mid-2018, would help it meet its liabilities while JSW gained a foothold in coal-rich eastern India through the acquisition of the power plant in Chhattisgarh. The New Delhi-based steel firm majority-owned by Sajjan’s younger brother Naveen will get more than Rs 6500 crore ($976.29 million) from Mumbai’s JSW if some conditions on coal supply and power purchase agreements are met, JSW said. JSW would also extend Rs 5,000 crore as advance against interest.
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