Thursday, Apr 29, 2010
DOW JONES NEWSWIRES
India's Jindal Steel and Power Ltd. (532286.BY) is close to acquiring Shadeed Iron & Steel for nearly $500 million, and has already signed a memorandum of understanding with the Oman-based company, the Economic Times reported on its Web site Friday, citing three people with direct knowledge of the development.
Jindal Steel will fund the deal through debt and internal accruals, and has also tied up with Indian banks for the funds, the Web site reported the people as saying.
Jindal Steel's deputy managing director, Sushil Maroo, declined to comment, while Shadeed Iron & Steel couldn't be reached for comment, the Web site said.
Full story: http://economictimes.indiatimes.com/news/news-by-industry/indl-goods-/-svs/steel/JSPL-to-buy-Omans-Shadeed-Iron/articleshow/5874654.cms.
(END) Dow Jones Newswires
29-04-10 2230GMT
