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Jindal Steel and Power to Sell Oman Unit for More than $1 Billion to Cut Debt

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The sale nonetheless must be permitted by JSPL’s shareholders and lenders in addition to India’s markets regulator, however JSPL stated in a press release that it hopes will probably be accomplished inside a month.

  • Reuters
  • Last Updated: June 30, 2020, 9:46 PM IST

India’s Jindal Steel and Power Ltd (JSPL) stated on Tuesday it’s promoting its Oman subsidiary to Templar Investments Limited in a deal valued at over $1 billion, to ease the group’s debt burden.

The sale nonetheless must be permitted by JSPL’s shareholders and lenders in addition to India’s markets regulator, however JSPL stated in a press release that it hopes will probably be accomplished inside a month.

Selling Jindal Shadeed Iron and Steel Co LLC (JSIS Oman) is anticipated to cut back JSPL’s total debt burden by 60 billion-70 billion rupees ($794 million-$927 million), Vidya Rattan Sharma, managing director at Jindal Steel & Power Ltd, instructed Reuters by telephone.

“The domestic debt exposure is around 340 billion rupees,” Sharma stated.


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