Business Line 5 September 2012
Jindal Steel and Power Ltd (JSPL) has acquired Canadian listed firm CIC Energy Corp for Rs 650 crore ($115 million). The acquisition will give JSPL access to CIC’s estimated six billion tonnes thermal coal assets in Botswana.
Following the announcement, the JSPL scrip shed 3.78 per cent to trade at Rs 339.50 in the intraday trade on the BSE.
Jindal Steel is acquiring CIC through its subsidiary Jindal BVI Ltd (JBVI).
The Minister of Minerals, Energy and Water Resources of Botswana, where CIC has its coal mines, has already approved the change of control from CIC to JBVI, Jindal Steel said in a press release.
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