Jindal Steel and Power (JSPL) is likely to acquire Oman based Shadeed Iron &
Steel for nearly $500 million (approx Rs 2,225 crore).
JSPL has already signed a pact with Shadeed and the deal is likely to be
funded through a mix of debt and internal accruals. It has also tied up with
Indian banks for funds. The deal is to be closed by 7 May 2010.
Shadeed Iron & Steel, owned by Abu Dhabi's Al Ghaith Holdings PJSC, has a 1.6
million tonne gas-based factory that makes sponge iron used in steel making at
Sohar in Oman.