India’s Jindal Steel and Power Ltd (JSPL) has announced that it has sold a 48.99 percent stake in its Oman-based asset Jindal Shadeed Iron and Steel (JSIS Oman) to Mauritius-based Vulcan Steel, a subsidiary of Templar Investment Limited.
This is the first tranche of the sale and the company aims to complete the entire sale within the specified time and terms as per shareholder approval. JSPL said that it will sell its entire stake in Jindal Shadeed Iron and Steel for $1 billion, as SteelOrbis previously reported.
With this transaction, the company aims to reduce its debt.