Dubai: Jindal Steel and Power is likely to list its Oman-based wholly-owned subsidiary Shadeed Iron and Steel LLC in Muscat Securities Market for raising around $500 million (Dh1.83 billion), said a company source.
The proceeds would be used to part fund its $2 billion proposed investment plan of the local firm to raise capacity by 2.5 million tonnes per annum over the next 3-4 years.
Naveen Jindal-led JSPL had bought Shadeed Iron and Steel LLC (Jindal Shadeed) in July 2010 from Abu-Dhabi’s Al Ghaith Holdings for about $500 million. The capacity of the plant, the third largest in the Middle East, now stands at 2 mtpa.
