Jindal Steel and Power (JSPL) has completed the divestment of 51pc stake in its Oman unit Jindal Shadeed Iron and Steel (JSIS) to Vulcan Steel.
The company has completed the full sale of its Oman subsidiary with this second tranche that represents 2.01pc shares of JSIS, according to media reports on Friday.
JSPL sold the first tranche of a 48.99pc stake to Vulcan Steel in September 2020. The enterprise value of the deal was to be over $1bn.
Vulcan Steel is a Mauritius-based subsidiary of Templar Investments that specializes in customized buildings and building solutions. It has a global network with shipments to Europe, North and South America, Africa, and Asia.