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JSPL buys CIC Energy for $116 mn

Shubhashish / Mumbai 05 Sep 12 | 11:23 AM

Jindal steel and Power Ltd (JSPL) has completed the CIC Energy acquisition for $116 million. The company is likely to make an announcement about this acquisition soon.

A company official confirmed that the deal was signed last night.

CIC is a Canada-based coal miner with mines in Botswana, Africa. JSPL will be spending $100-150 million on infrastructure in the landlocked country to mine and ship the coal.

Earlier JSW energy was in talks to buy the company but the talks fell through.

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