Jindal Steel & Power to sell stake in Oman subsidiary Jindal Shadeed
The enterprise value of the deal is over $1 billion
JSPL’s subsidiary, Jindal Steel & Power (Mauritius) (JSPML), has accepted a binding offer from Templar Investments to divest its entire stake in its Oman asset, Jindal Shadeed Iron and Steel Company (JSIS Oman).
The divestment is in line with the company’s vision and commitment to continuously bring down its debt and deleverage its balance sheet.
The enterprise value of the deal is over $1 billion.
Alpen Capital, a Middle East-based investment bank, was appointed which ran a sale process and received competitive offers from multiple interested bidders.
CMS Cameron McKenna Nabarro Olswang, Oman and Cyril Amarchand Mangaldas, India are the legal advisors for the transaction.
The transaction is subject to approval from shareholders of JSPL and lenders of JSIS Oman among others.
The company expects the transaction to close in approximately a month.