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Home STOCKS JSPML accepts offer to divest full stake in its Oman asset

JSPML accepts offer to divest full stake in its Oman asset

Kolkata: JSPL subsidiary, Jindal Metal & Electric power (Mauritius)Ltd. (JSPML) has recognized a binding offer from Templar Investments Limited to divest its overall stake in its Oman asset, Jindal Shadeed Iron and Steel Co LLC(JSIS Oman).
The organization value of the deal is more than US $1 billion.
JSPL held 99.9% stake in the Oman asset which it experienced obtained for $ 464 million in 2010. There was a $ 829 million liability in excess of the Oman unit.
The divestment is in line with JSPL’s vision and commitment to constantly convey down its credit card debt and deleverage its balance sheet, an official assertion from JSPL on Tuesday said. JSPL has strategies to deliver down its credit card debt stage to all-around Rs 25,000 crore in two several years.
Alpen Capital, a Middle East-dependent investment bank was appointed which ran a sale system and acquired competitive provides from many intrigued bidders. CMS Cameron McKenna Nabarro Olswang LLP, Oman and Cyril Amarchand Mangaldas, India are the authorized advisors for the transaction, the assertion additional.
The Oman plant has a capacity of 2.4 million tonne.
Commenting on the offer, V R Sharma, taking care of director, JSPL stated: “This sale is in-line with our eyesight to cut down debt and make a much healthier balance sheet for our traders and stakeholders. We firmly think in the India expansion tale.”
The transaction is matter to acceptance from shareholders of JSPL and lenders of JSIS Oman among the others. JSPL claimed it expects the transaction to close in about in just a month.

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