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Home STOCKS India's Jindal Steel and Electricity to market Oman unit for a lot...

India’s Jindal Steel and Electricity to market Oman unit for a lot more than $1 bln to slash financial debt


NEW DELHI, June 30 (Reuters) – India’s Jindal Metal and Power Ltd (JSPL) stated on Tuesday it is providing its Oman subsidiary to Templar Investments Minimal in a offer valued at over $1 billion, to simplicity the group’s credit card debt stress.The sale however requirements to be authorised by JSPL’s shareholders and creditors as properly as India’s marketplaces regulator, but JSPL mentioned in a statement that it hopes it will be accomplished in a month.Providing Jindal Shadeed Iron and Metal Co LLC (JSIS Oman) is predicted to reduce JSPL’s in general credit card debt burden by 60 billion-70 billion rupees ($794 million-$927 million), Vidya Rattan Sharma, running director at Jindal Steel & Electric power Ltd, informed Reuters by cell phone.”The domestic financial debt exposure is all over 340 billion rupees,” Sharma claimed.($1 = 75.5340 Indian rupees)

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