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Jindal Steel and Power Ltd (JSPL) has completed the divestment of its majority stake in Oman-based subsidiary Jindal Shadeed Iron and Steel LLC (JSIS), the company announced on Friday.
The 51 per cent stake in JSIS has been sold to Vulcan Steel, a Mauritius-based subsidiary of Templar Investment, JSPL said in a statement announcing the completion of the second tranche of the sale, representing 2.01 per cent JSIS shares.
Also read: JSPL becomes biggest wealth creator among peers
In September, JSPL had announced the completion of the first tranche of the sale, for 48.99 per cent JSIS stake. In June, JSPL had said that the deal would take place at an enterprise value of over $1 billion.
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