Jindal Poly Films exploring sale of European arm, valued at $1 billion

Jindal Poly Films Ltd., the Indian packaging films company backed by the sprawling billionaire Jindal family, is exploring a sale of its European-based business, people familiar with the matter said.

The company is working with an adviser on the potential divestment of Luxembourg-based Jindal Films Europe Sarl, which could be worth as much as $1 billion, said the people. It has sent initial marketing documents to private equity firms and industry players, the people said, asking not to be identified because discussions are private.

Shares of Jindal Poly Films have fallen 19% in Mumbai trading this year, giving the company