Jindal Steel and Power’s (JSPL) subsidiary, Jindal Steel Bolivia has won in excess of $22.5 million arbitration judgment against state-run mining company Empresa Siderurgica del Mutun (ESM). Jindal commenced arbitration before the International Chamber of Commerce (ICC) of Paris and sought recovery of $18 million principal plus interest, related to the illegal encashment of the bank guarantees.
Further, the company is planning to set up a 1.7 million tonne per annum capacity steel plant along with other facilities for backward integration with an investment of $2.1 billion. In this regard, the company had invested ‘tens of millions of dollars’ in the project, including providing $18 million in project guarantees.
JSPL is a part of Jindal Group and is a leading player in Steel, Power, Mining, Oil & Gas and Infrastructure. The company produces economical and efficient steel and power through backward integration from its own captive coal and iron-ore mines and passes on the benefits to its customers.
