Jindal Steel and Power (JSPL) has made announcement that the company envisages to float a wholly-owned subsidiary company, named Jindal Petroleum.

According to the sources, the proposed unit of the JSPL would look after the domestic and international oil and natural gas operations of the conglomerate.

Also, the company has take over exploration rights to one oil block in Rajasthan, four blocks in Georgia and three blocks in Peru, which will form part of its new arm. 

Recently, the company along with Namibia-based Enigma Oil and Gas Exploration (EOGE), secured exploration rights to three onshore oil blocks in the Maraon and Huallaga basins in northern Peru.

Stock of Jindal Steel & Power closed at Rs 1,484, up 6.88 per cent on National Stock Exchange. The total volume of shares traded at the NSE was 822,796 (Friday).