Jindal Steel and Power (Mauritius) (JSPML), subsidiary of Jindal Steel and Power Limited (JSPL) will divest its entire stakes in its Oman arm Jindal Shadeed Iron and Steel (JSIS Oman) through a binding offer from a promoter Templar Investment, a company statement said.
The divestment deal is valued at $1bn and aims to reduce the company’s debt and deleverage its balance sheet.
JSPL has presence in steel, power, mining and infrastructure sectors. It has an annual finished steel capacity of 6.55mn mt and produces up to 9.95mn mt iron annually through a mix of Direct Reduced Iron (DRI), Blast Furnace and Hot Briquetted Iron (HBI) routes. It has an annual 11.6mn mt of liquid steelmaking capacities across three locations in India and abroad.