India's Jindal Steel and Power to sell Oman unit for over $1bn
India's Jindal Steel & Power Company (JSPL) is set to transfer the group's entire stake in its Oman asset, Jindal Shadeed Iron and Steel, to another promoter group firm, Templar Investments, for an enterprise value of over $1 billion, reported the Business Standard.
Jindal Shadeed owns and operates a 2 million tonnes per annum (MTPA) steel melting shop (SMS) thus making it Oman’s first and largest SMS, and also the third largest steel plant in the Middle East & Gulf Region.
The facility at Sohar, Oman is powered by an integrated and highly automated steel plant, with 1.5 MTPA HBI, 2 MTPA SMS and 1.4 MTPA Rebar Mill.
JSPL's segments majorly include iron and steel and power and its product portfolio consists of steel product mix, construction solutions, and construction material and solutions.
As per the deal, JSPL's subsidiary, Jindal Steel & Power (Mauritius) has accepted a binding offer from Templar Investments to divest its entire stake in Jindal Shadeed Iron and Steel.
