Industrial Development Bank of India (IDBI) and ICICI have agreed in-principle to provide warehousing facility to Jindal Vijaynagar Steel (JVSL) to buy out the 50 per cent stake of Tractabel in the joint venture Jindal Tractabel Power.
Jindal Tractabel Power is a 50:50 joint venture between JVSL and Belgium-based utility major Tractabel. Industry sources said that Jindals would pledge the shares acquired with the financial institutions (FIs) in return of money to fund the acquisition. Later, the FIs may sell the shares to another company.
According to sources, the FIs have already conveyed their interest in warehousing the deal. A high-level team headed by