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Jindal to sell Chhattisgarh power plant to JSW Energy for at least 40B rupees

Jindal Steel &Power Ltd. said May 4 that its board approved the sale of its 1,000-MWpower plant in India's Chhattisgarh state to JSW Energy Ltd.

The plant has an enterprise value of 65.00 billion Indian rupees.It may sell for as low as 40.00 billion rupees, with a rise in valuation dependenton Jindal securing power purchase agreements.

In the same release, the company said its consolidated EBITDAin the fourth quarter of fiscal 2016 grew to 8.96 billion rupees from 8.22 billionrupees a year ago. It also went up 63% quarter over quarter on the back of highersales, with steel sales notching a 44% jump from the previous quarter to 1.4 milliontonnes, and ongoing cost reductions.

Jindal narrowed its after-tax loss to 3.63 billion rupees inthe fourth quarter from 5.81 billion rupees recorded in the same quarter the previousyear.

However, after-tax loss for the fiscal year widened further to19.99 billion rupees from 14.55 billion rupees. EBITDA also fell to34.83 billion rupees from 56.67 billion rupees.

Jindal's consolidated steel sales for fiscal 2016 climbed to4.4 million tonnes, up 30% from 3.4 million tonnes the previous year. Productionimproved to 4.5 million tonnes from 3.7 million tonnes.

As of May 4, US$1 was equivalentto 66.58 Indian rupees.