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JSPL to Sell Entire Stake in Jindal Shadeed Oman

Steel News - Published on Wed, 01 Jul 2020

Image Source: Jindal Shadeed Oman
Jindal Steel & Power Limited’s subsidiary, Jindal Steel & Power (Mauritius) Ltd. has accepted a binding offer from Templar Investments Limited to divest its entire stake in its Oman asset, Jindal Shadeed Iron and Steel Co LLC Oman. The divestment is in line with JSPL’s vision and commitment to continuously bring down its debt and deleverage its balance sheet. The enterprise value of the deal is over USD1 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 LLP, 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. JSPL expects the transaction to close in approximately a month.

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Posted By : Yogender Pancholi on Wed, 01 Jul 2020
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