Categories: Business

JSPL arm sells stake in JSIS Oman to Vulcan Steel | JSPL sells 49% stake in JSIS Oman, Vulcan Steel buys

Photo: HRNXT

JSPL arm sells stake in JSIS Oman to Vulcan Steel

new Delhi. The Mauritius arm of Jindal Steel & Power has sold its Oman assets to Vulcan Steel, a subsidiary of Templar Investment, a 48.99 percent stake in Jindal Shadid Iron & Steel LLC. This is the first installment of the sale.

On Wednesday, Jindal Steel & Power (JSPL) said that the company aims to complete the sale within the stipulated time. In June, JSPL said it would sell its entire stake in its Oman assets to Templar Investment for an enterprise price of more than $ 1 billion.

The filing stated that the wholly owned subsidiary of Jindal Steel & Power (Mauritius) Limited (JSCML) has sold 4,86,999 shares. This is the 48.99 percent share capital of JSIS Oman for Vulcan Steel.

JSPL plans to sell the property to reduce debt and create a healthy balance sheet.

This post was published on September 2, 2020 3:59 pm

Content Team

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