Jindal Steel & Power Limited (JSPL), a leading Indian steel and energy company, has sold its 49 per cent stake in Oman-based Jindal Shadeed Iron and Steel (JSIS Oman) to Vulcan Steel, a Mauritius-based private company, said a report.
 
Jindal Steel & Power Limited (JSPL), a leading Indian steel and energy company, said its Mauritius unit has sold nearly 49 per cent stake in Oman-based Jindal Shadeed Iron and Steel (JSIS Oman) to Vulcan Steel.
 
A subsidiary of Templar Investment Limited, Vulcan Steel is a Mauritius-based private limited company.
 
The top Indian steel firm said its wholly-owned subsidiary Jindal Steel & Power (Mauritius) has sold 4,86,999 shares, representing 48.99% of the share capital of JSIS Oman, to Vulcan Steel in the first tranche.
 
It aims to complete the entire sale within the specified time and terms as per the shareholder approval (accorded in EGM of the Company, held on July 28, said the company in its filing to the Bombay Stock Exchange (BSE). As per local media reports, the deal value is worth over $1 billion.
 
Earlier in its filing to the Indian bourse, JSPL had declared that its Mauritius subsidiary had accepted a binding offer from Templar Investment, a promoter group entity, to divest its entire stake (by way of sale of shares) in JSIS Oman, step-down material subsidiary of the company.
 
JindalShadeed, located strategically in the port city of Sohar, is set over a 120-hectare prime property, just 60 m from the shoreline and adjacent to the busy Muscat-Dubai highway.
 
It was founded after JSPL had bought Shadeed Iron and Steel in 2010 from Abu-Dhabi’s Al Ghaith Holdings for about $500 million.-TradeArabia News Service

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