ET reported that power and steel billet manufacturer Godawari Power and Ispat is close to acquiring a high grade mineral mine overseas.

Sources close to management said that this acquisition can be in the range of USD 80 million to USD 100 million.

The company is likely to announce this acquisition on the of April 13th or 15th.

The acquisition is to be funded via internal accruals and debt. Management sources believe that this acquisition would be EPS accretive for the power business of the company.
Godawari Power recently benefited from its backward integration initiatives which include captive iron ore mining and pellet production. GPIL also owns Bopria Tibu mine, which is estimated to have 8 million tonnes of high grade iron ore. Management expects mining activity in this mine to begin by Q3 FY12.

(Sourced from ET)