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Jindal Steel and Power to Sell Oman Unit for More than $1 Billion to Cut Debt

Image for representation.

Image for representation.

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

  • Reuters
  • Last Updated: June 30, 2020, 9:46 PM IST
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India's 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 India's 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 60 billion-70 billion rupees ($794 million-$927 million), Vidya Rattan Sharma, managing director at Jindal Steel & Power Ltd, told Reuters by phone.

"The domestic debt exposure is around 340 billion rupees," Sharma said.

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