JSPL may split biz to trim Rs 420 bn debt, sell 30% of Oman unit via IPO

Jindal Steel will seek to progressively sell about 30 per cent of the Oman unit over two to three years

Jindal Steel & Power Ltd is considering a breakup plan as part of a restructuring to help trim its Rs 420 billion ($6 billion) debt pile and boost investor confidence in a company that was once India’s biggest steelmaker by market value.

The New Delhi-based company is looking at splitting its steel, power and international businesses into three separate entities, Chairman Naveen Jindal said in an interview. Any such plan would need the approval of lenders, regulators and the board, he said.

The steel unit would include the coal mines, while the international business would include the Oman steel plant,