JSPML divests complete stake in JSIS Oman

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SME Times News Bureau | 16 Apr, 2021
JSPL on Friday said that its wholly-owned subsidiary Jindal Steel & Power (Mauritius) has sold the balance stake in JSIS Oman to Vulcan Steel.

In the second and final tranche of the divestment transaction, JSPML divested 51 per cent to Vulcan Steel.

Last year, the subsidiary had divested 4,86,999 shares, representing 48.99 per cent of the share capital of Jindal Shadeed Iron and Steel LLC, Oman.

In a regulatory filing, JSPL said: "We now wish to inform you that JSPML has sold the balance shareholding held by it, representing 51 per cent of the share capital of JSIS Oman, to Vulcan Steel in the second and final tranche, in accordance with the shareholder approval."

The shareholders had accorded their assent to the transaction in an EGM held on July 28, 2020.

In a note, Morgan Stanley Research said: "We see completion of the Oman divestment transaction as much anticipated, in line with management commentary and strategy. With the continuing upcycle in steel and management's strong focus on de-leveraging, we see JSPL's balance sheet improving and becoming much stronger than in the previous cycle."