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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.
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