Jindal Steel acquires CIC Energy for Rs 600 Cr

November 23, 2012 6:46 am

Jindal BVI Limited (JBVI), a subsidiary of steel major Jindal Steel and Power Limited (JSPL) has acquired Canadian listed coal Company CIC Energy Corp. (CIC) for about ` 600 crore by way of a merger of JBVI and CIC. According to a company release, “The deal will provide JSPL access to CIC’s high quality thermal coal in Greater Mmamabula coalfield in SE Botswana which is estimated to be in excess of 6 billion tonnes including measured and indicated resource of 2.4bn tonnes.