Jindal to buy Oman’s Shadeed for $464m

20 May 2010

(MENAFN) India’s Jindal Steel & Power said that it has agreed to buy Oman’s Shadeed Iron & Steel for $464 million expanding its reach in the Middle East, Reuters reported.

The deal which includes liabilities of $79 million, will be financed by $400 million of debt, which is already tied up, and equity of $64 million, Jindal Steel’s director said.

Shadeed is investing $500 million to install a gas-based hot briquetted iron plant with annual capacity of 1.5 million tons at Sohar in Oman, which is likely to be operational in a year with revenue expected to kick in by July-Sept 2011, the company said.

Jindal Steel’s plants in India may supply pellets or the company may set up a pellets manufacturing facility in Oman to support the Shadeed plant, it said.

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