The divestment is in line with JSPL's vision and commitment to bring down its debt and deleverage its balance sheet.

Jindal Steel and Power (JSPL) is selling its entire stake in Jindal Shadeed Iron and Steel Co LLC (JSIS Oman) to Templar Investments, a Mauritius-based company owned by its own promoter group. The enterprise value of the deal is over $1billion, the company said.

The divestment is in line with JSPL's vision and commitment to bring down its debt and deleverage its balance sheet, it added.

“This sale is in line with our vision to reduce debt and create a much healthier balance sheet for our investors and stakeholders. We firmly believe in the India growth story,” the release quoted V.R. Sharma, Managing Director, Jindal Steel and Power, as saying.

The deal needs approval from JSPL's shareholders and lenders of JSIS as well as the capital markets regulator, but the company said it expects to complete the transaction within a month.