Jindal Steel & Power's Mauritius arm has sold 48.99 per cent stake in its Oman asset, Jindal Shadeed Iron and Steel LLC to Vulcan Steel, a subsidiary of Templar Investment.
This is the first tranche of the sale, and in a filing on Wednesday, Jindal Steel and Power (JSPL) said that the company aims to complete the entire sale within the specified time. In June JSPL had said that it would sell its entire stake in its Oman asset for an enterprise value of over $1 billion to Templar Investment.
"Jindal Steel & Power (Mauritius) Ltd (JSPML), wholly owned subsidiary, has sold 4,86,999 shares, representing 48.99 per cent of the share capital of JSIS Oman, to Vulcan Steel, a Mauritius-based private limited company, a subsidiary of Templar Investment in the first tranche," the filing said.
JSPL plans to reduce debt and create a healthier balance sheet with the sale of the asset.