Reuters reported that Jindal Steel & Power Ltd plans to list its power unit by March. The report quoted Mr Sushil Maroo deputy managing director of the unit as saying that about 10% of Jindal Power Ltd could be off loaded in the initial public offer.
Jindal Power Ltd contributed half of Jindal Steel and Powers 2008/09 net profit of INR 30.07 billion. The unit reported net sales of INR 32.57 billion out of the parent's consolidated net sales of INR 108.44 billion.
Mr Maroo said that "I have a feeling it should happen this financial year. Money is needed for expansion. It also helps stakeholders find right valuations."
(Sourced http://www.steelguru.com/news/index/2009/10/10/MTE1NDE2/JSPL_plans_power_unit_IPO_by_March_-_Report.html)
Friday, October 9, 2009
JSPL plans power unit IPO by March - Report
1 comments:
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