JSPL to divest 100 percent stake of Oman-based subsidiary for $1 billion

Jindal Steel and Power Ltd (JSPL) has announced plans to sell its Oman-based subsidiary for over $1 billion (approx Rs 7,500 crore).

In a statement issued, JSPL said, “It’s subsidiary ‘Jindal Steel and Power (Mauritius) Ltd’ (JSPML) has accepted a binding offer from Templar Investments Limited to divest its entire stake in its Oman asset Jindal Shadeed Iron and Steel Co LLC (JSIS Oman).”

“The deal size is over $1 billion,” the statement said.

Speaking on the development, V.R Sharma, Managing Director of JSPL said, “This sale is in-line with our vision to reduce debt and create a much healthier balance sheet for our investors and stakeholders. We firmly believe in the India growth story.”

“The transaction is subject to approval from shareholders of JSPL and lenders of JSIS Oman and others. The transaction is expected in a month,” the statement added.