JSPL Completes Sale of Jindal Shadeed Iron & Steel to Vulcan Steel
Jindal Steel and Power Ltd has completed the divestment of its majority stake in Oman based subsidiary Jindal Shadeed Iron and Steel LLC. Jindal Steel and
Jindal Steel and Power Ltd has completed the divestment of its majority stake in Oman based subsidiary Jindal Shadeed Iron and Steel LLC. Jindal Steel and Power Ltd informed BSE “This is in relation to our earlier intimation dated September 2, 2020 regarding divestment of 486,999 shares representing 48.99% of the share capital of Jindal Shadeed Iron and Steel LLC Oman, step-down material subsidiary of the Company, by way of sale of shares by Jindal Steel & Power (Mauritius) Limited, wholly owned subsidiary of the Company, to Vulcan Steel, a Mauritius based private limited company. Jindal Steel & Power (Mauritius) Limited has sold the balance shareholding held by it, representing 51 % of the share capital of Jindal Shadeed Iron and Steel Oman, to Vulcan Steel in the second and final tranche, in accordance with the Shareholder approval.”
Jindal Shadeed, located strategically in the ancient port city of Sohar, is set over a 120-Hectare prime property, just 60-metres from the shoreline and adjacent to the busy Muscat-Dubai highway.
Direct Reduced Iron Plant supplied by Midrex Technologies USA, with a capacity of 1.5 million tonne per annum of HBI 0.4 million tonne per annum and HDRI 1.1 million tonne per annum. DR Plant has four briquetting machines for the production of hot briquetted iron and is facilitated with gravity feeding technology for transferring HDRI directly to Electric Arc Furnace of Steel melt shop.
Steel Melt Shop comprises of 200 tonne Electric Arc Furnace, 200 tonne Ladle Refining Furnace, 200 tonne Vacuum Degassing Unit and 8 strand Combi. Continuous Casting Machine to produce Square and round Billets
Rolling Mill is capable of producing 1.4 million tonne per annum rebars in diameter ranging from 8mm to 40mm