Jindal Steel to Buy Oman’s Shadeed for $464 Million

Jindal Steel & Power Ltd. will buy Shadeed Iron & Steel Co. of Oman for $464 million, including debt, in the third-biggest global purchase by an Indian steelmaker. Jindal Steel, has tied up $400 million of bank loans to fund the acquisition. The purchase includes liabilities of as much as $79 million. 
 
Jindal Steel is expanding to the Middle East as Oman’s government expects the economy to grow 6 percent and spend 1 billion rials ($2.6 billion) on infrastructure projects this year. 
 
Shadeed is installing a 1.5 million-metric-ton sponge-iron plant at the Sohar Industrial Port area in Oman. Jindal Steel will spend about $61 million to complete the project, expected to be commissioned in the next 10 months.