JSPL to sell its stake in its Oman subsidiary Jindal Shadeed
Jun 30, 2020
New Delhi [India], June 30 : JSPL's subsidiary, Jindal Steel and Power (Mauritius) Limited, 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 enterprise value of the deal is at USD one billion.
The divestment is in line with JSPL's vision and commitment to continuously bring down its debt and deleverage its balance sheet.
"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," said MD-JSPL VR Sharma while speaking about the deal.
Alpen Capital, a Middle East-based investment bank was appointed which ran a sale process and received competitive offers from multiple interested bidders.
The transaction is subject to approval from shareholders of JSPL and lenders of JSIS Oman among others. The company expects the transaction to close in approximately a month.
This story is provided by Jindal Steel and Power Limited. ANI will not be responsible in any way for the content of this article.
