A Mauritius-based subsidiary of Jindal Steel & Power has agreed to merge with CIC Energy, which is developing the Mmamabula coal field in Botswana, the world’s second biggest coal reserve.
CIC Energy is listed on the Toronto and Botswana stock exchanges. Shareholders will receive C$2 (US$2) per share for the total equity of CIC Energy, valuing the company at C$116 million.
Jindal Steel & Power is one of India’s biggest steel producers with an annual revenue of over US$3.5 billion. It is listed on India’s National Stock Exchange and the Bombay Stock Exchange.
