Jindal Steel & Power (JSPL), an Indian steel and energy company, announced on Saturday that the company will sell power plants aggregating to 920 MW capacity in Odisha and Chhattisgarh.

The company said, "Received an approval for the sale of captive power plants (CPP) of the company situated at Angul, Odisha (6 x 135 MW) and at Raigarh, Chhattisgarh (2 x 55 MW)."

JSPL owns 96.43% shareholding at these power plants. The will help the company in obtaining operational economies, consolidating and effectively managing power business and maximising the value of business at JPL level.

The transaction is agreed at a fair market value determined by an independent valuer appointed by the board.

Shares of the company declined Rs 0.6, or 0.76%, to trade at Rs 78.60. The total volume of shares traded was 1,081,398 at the BSE (11.09 a.m., Monday).