A question of time: Jindal Power had signed a binding agreement with JSW Energy for the 1,000-MW power plant, and June 2018 was to have been the ‘long-stop date’. | Photo Credit: AMIT DAVEmore-inBrothers Sajjan Jindal and Naveen Jindal have agreed to extend the deadline for their $1-billion power deal by another one year, as the latter’s Jindal Steel & Power Limited (JSPL) has failed to meet the preconditions of the deal, the deadline for which expires in June this year. “The deal is on the backburner as the power sector is not doing well,” said a source in the know of the development. The business undertaking of the JSPL plant was to be transferred to this entity and JSW Energy was to buy the entire shareholding of ESMH. Analysts said that with JSPL’s improving profitability and debt reduction, the company may not be forced to sell its power plant.

Source: The Hindu May 12, 2018 15:27 UTC