Jindal Steel completes CIC Energy buy, to invest $700 m in Botswana
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The Naveen Jindal-led Jindal Steel and Power (JSPL) has completed the acquisition of Canadian firm CIC Energy for R600 crore. The private steel maker, on Wednesday, announced that it would invest $700 million in the next two-three years to set up the power generating facilities at CIC in Botswana.
JSPL's chief financial officer Sushil Maroo said that the company will invest $100 million for opening Mmamabula coal field. "We are planning to set up a 300 MW power plant and open the coal mine in Botswana over a three-year period. Total investment is up to $700 million," he told reporters over a conference call.
The company has got all the necessary approvals to acquire CIC Energy and the Canadian firm will be merged with Jindal BVI, a wholly owned subsidiary of JSPL. CIC will also be delisted from the Toronto Stock Exchange. "The process of delisting it will start within a week," Maroo said.
Through CIC acquisition, the company is looking at tapping the local power market and does not plan to bring the Botswana coal to India in near future. "We are also looking to set up a 1,200 MW power plant to cater particularly to the South African market as its mining complex is 30 km away from it," Maroo said.
He said the acquisition of CIC Energy and development of coal mine in Botswana will not be a bitter experience for the company as it had been in Bolivia, from where it exited in July over fuel supply woes and some regulatory issues.
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