JSW Energy to acquire controlling stake in CIC Energy
JSW Energy presently has 1430 MW of power generating capacity in India. The company has bought coal assets in the U.S, Indonesia and South Africa.
MUMBAI: Sajjan Jindal owned JSW Energy is close to acquiring a controlling stake in Canada based CIC Energy for about $550 million dollars, sources close to the deal said. The company’s board meet is currently underway and an announcement is expected soon, sources indicated.
CIC Energy has a market value of close to $330 million dollars. The company has estimated reserves of 2.6 billion tonnes of coal and is expected to produce 6 million tonnes of coal per annum.
When contacted, JSW Energy’s management declined to comment on the deal but said, “ we have always been on a look out for coal assets globally.”
JSW Energy presently has 1430 MW of power generating capacity in India. The company has bought coal assets in the U.S, Indonesia and South Africa.
At 3:08 pm, the stock was at Rs 110.25, down Rs 1.60 or 1.43 per cent on the NSE. It touched a high of Rs 111.80 and low of Rs 108 in trade so far.
CIC Energy has a market value of close to $330 million dollars. The company has estimated reserves of 2.6 billion tonnes of coal and is expected to produce 6 million tonnes of coal per annum.
When contacted, JSW Energy’s management declined to comment on the deal but said, “ we have always been on a look out for coal assets globally.”
JSW Energy presently has 1430 MW of power generating capacity in India. The company has bought coal assets in the U.S, Indonesia and South Africa.
At 3:08 pm, the stock was at Rs 110.25, down Rs 1.60 or 1.43 per cent on the NSE. It touched a high of Rs 111.80 and low of Rs 108 in trade so far.
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