India's Jindal Steel buys Canada's CIC Energy Corp for $116 mn

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.