Shareholders of the Jindal Steel and Power limited have, through a ballot vote, approved divestment of the 1,000 MW power unit of the Jindal Power ltd into a special purpose vehicle (SPV) to be transferred to the JSW Energy ltd, a subsidiary of the JSPl.
Besides, they approved transfer proposal of 920 MW captive power plants to the Jindal Power limited and for shifting of registered office from Hisar (Haryana) to Raigarh (Chhattisgarh).
“All the resolutions proposed by the JSPl management have been approved and passed by the shareholders with the requisite majority on July 18, 2016. Out of the total votes casted, more than 99 per cent were in favour of the resolutions,” informed a JSPl release.
JSPl chairman Naveen Jindal expressed happiness over the shareholders’ response to the proposals.