By: FE Bureau
On June 30, JSPL had said it would transfer its entire stake in Jindal Shadeed Iron and Steel to Templar Investments for an enterprise value of over $ 1 billion. Jindal Steel and Power (JSPL) on Wednesday said it has sold a 48.99% stake in Oman-based wholly owned venture Jindal Shadeed Iron and Steel to Vulcan steel, a Mauritius-based subsidiary of Templar Investment, and another promoter group firm.
The transaction is in line with its JSPL’s plan to continuously bring down its debt and deleverage its balance sheet.
On a consolidated basis, JSPL’s net debt stood at Rs 35,919 crore, as on March, 2020.
On June 30, JSPL had said it would transfer its entire stake in Jindal Shadeed Iron and Steel to Templar Investments for an enterprise value of over $ 1 billion.
“We wish to inform you that Jindal Steel & Power (Mauritius), wholly-owned subsidiary, has sold 4, 86,999 shares, representing 48.99% of the share capital of JSIS Oman, to Vulcan Steel, a Mauritius based private limited company, a subsidiary of Templar Investment in the first tranche and is aiming to complete the entire sale within the specified time,” JSPL said in a regulatory filing.
For the financial year ending March’ 2020, Jindal Shadeed reported 1.87 million tons (MT) production and sales of 1.88 MT.
The revenues and Ebitda for FY20 came at $ 910 million and $138 million, respectively.