Jindal Steel exits Oman biz via balance 51% stake sale to Vulcan Steel

Moving towards the completion of its Oman unit divestment, Naveen Jindal-led Jindal Steel & Power (JSPL) arm Jindal Steel & Power (Mauritius) Limited has sold its balance stake to Vulcan Steel in the second and final tranche.

In a BSE filing, the Delhi-based primary steel producer today informed that the balance stake sold represented 51 percent of the share capital of Jindal Shadeed Iron and Steel LLC, Oman was sold to the private limited company, in accordance with shareholder approval secured at the extraordinary general meeting held in July last year.

Jindal Steel owned 48.99 percent stake in the Oman unit via Jindal Steel & Power (Mauritius) Limited. The former had made the deal to exit the Oman business in September last year.

The transaction was in line with Jindal Steel’s plan to bring down its debt and leverage it balance sheet.

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