Jindal Steel & Power : JSPL divests Oxygen Plant assets at Raigarh and Angul Units

October 9, 2017

The SSE Ltd.

Phiroze Jeejeebhoy Towers, Dalal Street,

Mumbai - 400001

Security Code No. : 532286

SUBJECT: PRESS RELEASE )INDJIY STEEL & POWER The National Stock Exchange of India

Ltd.

Exchange Plaza, 5th Floor, C-1, Block G Bandra - Kurla Complex, Bandra (.E), Mumbai - 400051

Security Code No. : JINDALSTEL

Dear Sir / Madam,

Please find attached a copy of Press Release issued by the Company on the following subject:

JSPL divests Oxygen Plat assets at Raigarh nd Angul Units

Kindly host the same on your website and acknowledge the receipt of the same. Thanking You.

Encl: As above

Jindal Steel & Power Limited

Corporate Office Jindal Centre, 12 Bhikaiji Cama Place, New Delhi 110 066 CIN:L27105HR1979PLC009913 T [phone] F [phone] W www.jindal steelpower. com,E: [e-mail] Re11istered Office 0. P. Jindal Marg, Hisar, 125 005, Haryana

PRESS RELEASE

JSPL divests Oxygen Plant assets at Raigarh and Angul Units Receives a total consideration of Rs. 1121Crore under the transaction Oxygen Plant Assets Leased Back to JSPL

New Delhi. 9th October 2017: Jindal Steel and Power Limited (JSPL), India's leading steel and power major, h?s consummated sale of oxygen plant assets at Rs. 1121 crore with SREI Equipment Finance Limited. Under the transaction, JSPL has divested its Oxygen Plant Assets at its integrated steel plant$ at Raigarh (Chhattisgarh) and Angul (Odisha), and received a total consideration (inclusive of taxes) of Rs. 1121 Crore. JSPL and SREI E:quipment Finance Ltd. 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.

"The divestmen( of Oxygen Plant Assets is a significant development to make JSPL an Asset-Light company, so as to further enhance the inherent cost efficiencies", Mr. Naushad A, Ansari, CEO - Steel Business, JSPL said. "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", he added.

JSPL commissioned India's Largest 4 MTPA Blast Furnace in 02 FY 2017-18 to mark the completion of its 6 MTPA Integrated steel plant at Angul (Oc;lisha). The scheduled commissioning of the Basic Oxygen Furnace (BOF) at Angul during this quarter will further strengthen the cash flow streams of the company. JSPL's 3.6 MTPA integrated steel plant at Raigarh (Chhattisgarh) is amongst the most efficient steelmaking facilities in the country. Under its A$set Sweating Roadmap, the company has successfully continued to sequentially enhance the capacity utilization levels of its steel and power assets.

About Jindal Steel and Power Limited: Jindal Steel and Power Limited (JSPL) is one of India's fastest growing and largest integrated steel manufacturers, significantly present in Steel, Power Generation and Infrastructure segments and catering to a large part of India's domestic energy and infrastructure requirement.

Part of the US$ 18 billion diversified 0. P. Jindal Group, JSPL's business operations span across Asia, Africa and Australia.

Led by Shri Naveen Jindal, the youngest son of the legendary Industrialist Shri O.P. Jindal, the company produces economical and efficient steel and power through backward and forward integration. From the widest flat products to a whole range of long products, JSPL today has a product portfolio that caters to markets across the steel value chain. JSPL provides direct and indirect employment opportunities to over 50,000 Indians and anchors a socio-economic eco system for over 100,000 families. For more info visit: http://www .j indalsteelpower .com/

For further information, please contact Gaurav Wahi at [phone]; Bhavna Sethi at

[phone]; Reshma Nandy at [phone]