JSPL rallies 6% on divestment of oxygen plant assets for Rs 1,121 crore

Moneycontrol News

Jindal Steel & Power (JSPL) share price gained 5.6 percent intraday Monday after the company sold its oxygen plant assets at Raigarh and Angul units. The stock touched a fresh 52-week high of Rs 161.

"JSPL has divested its oxygen plant assets at its integrated steel plants at Raigarh (Chhattisgarh) and Angul (Odisha), and received a total consideration of Rs 1,121 crore," the company said in its filing.

JSPL has consummated sale of oxygen plant assets at Rs 1,121 crore with SREI Equipment Finance.

Both companies have also entered into a lease back agreement of the oxygen plant assets for continued operations by JSPL for manufacturing of steel at the respective plants.

Meanwhile, Jindal Steel commissioned India's largest 4 MTPA blast furnace in Q2FY18 to mark the completion of its 6 MTPA integrated steel plant at Angul.

At 11:13 hours IST, the stock price was quoting at Rs 159.20, up Rs 6.80, or 4.46 percent on the BSE.