Latest News | JSPL to Sell Stake in Oman Subsidiary for over USD 1 Billion

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)".

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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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)