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Jindal Steel And Power Ltd In Talks With Canada Company For Stake-The Economic Times

Tuesday, 17 Jul 2012 08:00pm EDT 

The Economic Times reported that the Naveen Jindal-controlled Jindal Steel And Power Ltd is close to acquiring a controlling stake in a Canadian coal mine owner to feed its India-based power and steel plants. Jindal, which announced that it is pulling out of the massive $2.1-billion iron ore investment in Bolivia, is in advanced talks with the Toronto-listed CIC Energy, the owner of undeveloped coal assets in Botswana, Africa. The talks are going on and the two companies are discussing issues related to development of the mine, building infrastructure and also on the structure of the payments to be made, one person aware of the details. Jindal Steel is willing to spend about INR3,500 crore to acquire coal and iron ore mines overseas. Jindal Steel officials had mandated Morgan Stanley to scout for potential mines in Australia, South Africa and Indonesia. It has five coal mine exploratory licenses in Australia and is developing similar resources in Mozambique. 

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