Jindal Steel To Sell Oman Business
Jindal Steel and Power Ltd has accepted a binding offer to sell its entire stake in Jindal Shadeed Iron and Steel Co LLC (JSIS Oman) to promoter company Templar Investments Ltd. JSIS Oman was held through JSPL’s subsidiary Jindal Steel and Power (Mauritius) Ltd.
The enterprise value of the deal is over $1 billion, the company said in an exchange filing. The divestment is in line with JSPL’s vision and commitment to bring down its debt and deleverage its balance sheet. The transaction is subject to approval from shareholders of JSPL and lenders of JSIS Oman, among others.
As of March-end, JSPL reported consolidated net debt of ₹35,919 crore. While JPSL paid down its net debt in FY20 by about ₹3,200 crore, it still has ₹6,100 crore of debt maturing in FY21, of which ₹3,300 crore is in overseas operations, and ₹2,800 crore in domestic operations.