JSPL to sell stake in its Oman arm for over $1 bn

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SME Times News Bureau | 30 Jun, 2020
Jindal Steel & Power Ltd (JSPL) will sell its entire stake in its Oman asset, Jindal Shadeed Iron and Steel Co LLC (JSIS Oman), for an enterprise value of over $1 billion.

The divestment is in line with the JSPL's vision and commitment to continuously bring down its debt and deleverage its balance sheet, the company said in a regulatory filing.

"JSPL's subsidiary, Jindal Steel & 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)," it said.

V.R. Sharma, MD of JSPL said: "This sale is in-line with our vision to reduce debt and create a much healthier balance sheet forour 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 among others. JSPL expects the transaction to close in around a month, the filing added.