Jindal Nears Iron Ore Mine Deal In Africa

Bloomberg reported Jindal Steel & Power Ltd. (BOM:532286) is nearing a deal to buy an iron ore mine in West Africafor at least $2 billion after a failed venture in Bolivia and higher costs in India curb production.

As quoted in the market news:

Jindal’s investment in the region will involve building a transport line and developing a port, and the iron ore supplies will feed its factories in Oman and back home, Executive Director Manish Kharbanda said in an interview last week, without identifying the seller. The spending will be staggered over a period of time, he said.

Click here to read the full Bloomberg report.