Financial Chronicle reported that Jindal Steel and Power is eyeing to buy stake in around three to four mining companies in Australia within the next six months and plans to invest around USD 10 million to USD 25 million for each acquisition as the company plans not only to secure its raw material supply but also plans to foray into the mining business in the future.

Mr Sushil Maroo deputy MD of JSPL told Financial Chronicle that “We are actively in talks with three to four companies in Australia and will pick up minority stakes in these mining companies soon.”

Ms Maroo said that apart from using the coking coal for its own steel plant JSPL is acquiring minority stakes in many companies as it plans to get into mining business in the future.

JSPL recently acquired minority stakes in two companies Australia’s Apollo Minerals for AUD 1 million and in Gujarat NRE Coking Coal for AUD 25 million.

At present JSPL requires 1 million tonnes of coking coal for manufacturing steel.

Source - Financial Chronicle

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