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Jindal Steel sells 2 oxygen plants in India for 11.21B rupees

Indian steel manufacturer Jindal Steel & Power Ltd. sold its two oxygen plants in the Indian states of Chhattisgarh and Odisha to SREI Equipment Finance Ltd. for 11.21 billion rupees.

The companies also entered into a lease back agreement for the oxygen plants, allowing Jindal Steel to continue manufacturing steel at the plants, according to the Oct. 9 release.

The steel plant at Angul in Odisha has a capacity of 6 million tonnes per annum, and the plant at Raigarh in Chhattisgarh has a capacity of 3.6 million tonnes per annum.

As of Oct.9, US$1 was equivalent to 65.44 Indian rupees.