Oman’s Jindal Shadeed eyes stake sale: Report – ZAWYA

Oman’s Jindal Shadeed eyes stake sale: Report – ZAWYA

JSPL Chairman Naveen Jindal was quoted by The Economic Times as saying that the group is mulling plans to offload part of its stake in the Oman steelmaker to a strategic investor - part of a wider effort by the Indian business house to reduce its substantial debt pile.. Last month, Jindal Shadeed announced that it had wrapped a banner fiscal year in terms of its operational performance.. "All three of our production units performed at their highest ever annual capacities - better than their nameplate production capacities for the month of March 2020," it noted.. The Direct Reduction Iron (DRI) plant, which is the centerpiece of the Sohar complex, achieved its "highest annual production" of 1.775 million tons per annum (MTPA) in 2019-20, surpassing its previous best of 1.547 MTPA achieved during the previous fiscal year, the company said.. The Steel Melting Shop (SMS) recorded its "highest annual production" of 1.87 million tons in 2019-20, surpassing its previous high of 1.71 million tons in 2018-19, the company said..