Firm has a total outstanding debt of about US$5 Billion as on March 2019
Naveen Jindal-promoted Jindal Steel & Power Limited (JSPL) has sold off its Botswana coal mine, one of its major international ventures. The asset has been sold to Maatla Energy for US$150 million.
The sale is part of the company’s plan to monetise its global assets to pare debt at the group level. JSPL has a total outstanding debt of US$5 Billion crore as on March 2019. Responding to an emailed query, a company spokesperson was silent on the buyer’s name, but confirmed the sale of the project.
“The Company has entered into a share purchase agreement to divest its stake in the Botswana project for a consideration of around US$150 million. Since the transaction is progressing at this time, the Company would not like to further comment on it, till the transaction consummates. Any proceeds from this divestment will be used to pare down debt,” said the emailed reply to Business Standard.
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