Jindal Steel & Power acquired Canadian firm CIC for Rs 650 cr

Jindal Steel and Power Limited (JSPL) on September 5, 2012 bought CIC Energy Corp of Canada for Rs 650 crore. CIC has coal mines in Botswana, Africa, with reserves of six billion tonnes.

The deal was concluded through Jindal BVI Ltd (JBVI), a subsidiary of Jindal Steel and Power Limited. JBVI and CIC now be merged and delisted from the Canadian stock exchange in a month’s time.

Botswana is a landlocked country in Africa and JSPL is going to spend close to Rs 550 crore in developing the mine. JSPL already holds coal mining licences in South Africa and Mozambique.

Jindal Steel and Power Limited is one of India's major steel producers with a significant presence in the mining, power generation and infrastructure sectors.

JSPL is a part of the US$15 billion diversified O.P. Jindal Group and is consistently tapping new opportunities by increasing production capacity, diversifying investments, and leveraging its core capabilities to venture into new businesses.