JSPL to sell stake in Oman subsidiary for over USD 1 billion

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Jindal Steel and Power Ltd (JSPL) on Monday reported a consolidated net profit of Rs 305.62 crore during the quarter ended March 31, 2020.
consolidated net profit of Rs 305.62 crore during the quarter

New Delhi, Jun 30 (PTI) Jindal Steel and Power Ltd (JSPL) on Tuesday said it will offload its entire stake in Oman-based subsidiary for over USD 1 billion (Rs 7,500 crore).

JSPL, in a statement, said its 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 enterprise value of the deal is over USD 1 billion, it said.

The transaction is subject to approval from shareholders of JSPL and lenders of JSIS Oman, among others.

The company said it expects the transaction to close approximately in a month.

JSPL, a part of the OP Jindal Group, has presence in steel, power, mining and infrastructure sectors.

Source:PTI

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