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

Jindal Metal and Energy Ltd (JSPL) mentioned on Tuesday it’s promoting its Oman subsidiary to Templar Investments Restricted in a deal valued at over $1 billion, to ease the group’s debt burden.

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

Promoting Jindal Shadeed Iron and Metal Co LLC (JSIS Oman) is anticipated to cut back JSPL’s general debt burden by Rs 6,000-7,000 crore, Vidya Rattan Sharma, managing director at Jindal Metal & Energy Ltd, informed Reuters by cellphone.

“The home debt publicity is round Rs 34,000 crore,” Mr Sharma mentioned.