Jindal Steel & Power Ltd (JSPL) has accepted a binding bid for its entire stake in Omani steel producer Jindal Shadeed Iron & Steel in an attempt to reduce company debt, the Indian steelmaker has announced.
Jindal Shadeed will be sold to Mauritius-based investment company Templar Investments in a deal worth more than $1 billion. Subject to approval from lenders in Oman and shareholders in India, the deal will be completed in one month's time.Templar has been established for 12 years and is owned by the Jindal family, but is not part of the Jindal Group. The investment company will run the operations of Jindal Shadeed and is not...