<article>Naveen Jindal-led <a href="https://www.dealstreetasia.com/?s=Jindal Steel and Power Ltd (JSPL)" target="_blank" rel="noopener">Jindal Steel and Power Ltd (JSPL)</a> on Monday said that it has sold two oxygen plant assets to <a href="https://www.dealstreetasia.com/?s=SREI Equipment Finance Ltd" target="_blank" rel="noopener">SREI Equipment Finance Ltd</a> for nearly $172 million (Rs1,121 crore).</article>

Naveen Jindal-led <a href="https://www.dealstreetasia.com/?s=Jindal Steel and Power Ltd (JSPL)" target="_blank" rel="noopener">Jindal Steel and Power Ltd (JSPL)</a> on Monday said that it has sold two oxygen plant assets to <a href="https://www.dealstreetasia.com/?s=SREI Equipment Finance Ltd" target="_blank" rel="noopener">SREI Equipment Finance Ltd</a> for nearly $172 million (Rs1,121 crore).
&#8220;Under the transaction, JSPL has divested its oxygen plant assets at its integrated steel plants at Raigarh (Chhattisgarh) and Angul (Odisha)&#8230;,&#8221; JSPL said in a statement.
Besides, both the 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, it added.
&#8220;The divestment of oxygen plant assets is a significant development to make JSPL an asset-light company, so as to further enhance the inherent cost efficiencies,&#8221; said Naushad A. Ansari, CEO-steel business, JSPL.
&#8220;JSPL will continue to manage these cutting-edge oxygen plant capacities for its 9.6 mtpa domestic steel plants under a lease back agreement, thereby retaining full operational control,&#8221; he added.
JSPL commissioned 4 mtpa blast furnace in Q2 FY18 to mark the completion of its 6 mtpa integrated steel plant at Angul. The scheduled commissioning of the basic oxygen furnace at Angul during this quarter will further strengthen the cash flow streams of the company, the company said. Besides, the company operates a 3.6 mpta integrated steel plant at Raigarh.
Part of the $18 billion diversified O.P. Jindal Group, JSPL&#8217;s business operations span across Asia, Africa and Australia.
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Naveen Jindal-led Jindal Steel and Power Ltd (JSPL) on Monday said that it has sold two oxygen plant assets to SREI Equipment Finance Ltd for nearly $172 million.

India: JSPL sells oxygen plant assets to SREI Equipment for $172m

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India: JSPL sells oxygen plant assets to SREI Equipment for $172m

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