Moneycontrol
Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
you are here: HomeNewsBusiness
Last Updated : Jun 30, 2020 10:49 PM IST | Source: PTI

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

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

PTI
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Jindal Steel and Power Ltd (JSPL) on Tuesday said it will offload its entire stake in Oman-based subsidiary for over $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 $1 billion, it said.

Close

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.
First Published on Jun 30, 2020 10:30 pm
Sections