India's Jindal Steel buys Canada's CIC Energy Corp for $116 mn
Steel News | 2012-09-06 05:33:40 | By Paul Ploumis
Jindal Steel & Power (JSPL) has reported that it has acquired Canadian coal mining company CIC Energy Corp. for 6.5 billion rupees (US$116 million).
MUMBAI (Scrap Monster): Jindal Steel & Power (JSPL) has reported that it has acquired Canadian coal mining company CIC Energy Corp. for 6.5 billion rupees (US$116 million).
Jindal BVI Limited, a subsidiary of JSPL, will acquire 100% shares of CIC in due course and de-list it from the stock exchange.
CIC Energy has about 6 billion metric tons in coal reserves throughout its mines. The trend of Indian companies seeking raw material resources overseas has been growing due to a shortage of some materials, such as coal, in the country.