Jindal Steel To Sell Oman Unit For More Than Rs 7,500 Crore To Cut Debt

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

The sale still needs to be approved by JSPL’s shareholders and lenders as well as markets regulator, but JSPL said in a statement that it hopes it will be completed within a month.

Selling Jindal Shadeed Iron and Steel Co LLC (JSIS Oman) is expected to reduce JSPL’s overall debt burden by Rs 6,000-7,000 crore, Vidya Rattan Sharma, managing director at Jindal Steel & Power Ltd, told Reuters by phone.

“The domestic debt exposure is around Rs 34,000 crore,” Mr Sharma said.