CCI approves acquisition of 96.42% stake in Jindal Power Ltd by Worldone

Worldone is an investment holding company that has investments in various listed and unlisted companies

India’s Anti-trust watchdog Competition Commission of India on Thursday has approved the acquisition of 96.42% equity shareholding in Jindal Power by Worldone Private Limited. The private equity firm also bought 3,400 MW coal-fired power plants in the state of Chhattisgarh and other non-core assets owned by Jindal Power Limited.

Worldone is an investment holding company that has investments in various listed and unlisted companies, while Jindal Power is primarily engaged in the business of generating thermal power by using coal as a fuel source. The relevant markets associated with the transaction are the market for coal-based thermal power generation in India, the market for power transmission in India, the regulator said in a statement.

Jindal Power Limited (JPL), a company promoted by Jindal Steel & Power Ltd. (JSPL), has been contributing significantly to the growing needs of power in the country. Jindal Power Limited has set up India’s first mega power project in the private sector – the 1000 MW thermal power plant at Raigarh, Chhattisgarh.

JPL’s parent company Jindal Steel & Power Limited (JSPL) posted gross revenue from operations of Rs 30, 021 crores in FY19-20 as compared to Rs 31,806 crores in FY 18-19. The company also posted a profit after tax of Rs 618 crore in FY19-20 as compared to a loss of Rs 263 crore in FY18-19.

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