Naveen Jindal controlled, Jindal Steel & Power is close to acquire a controlling stake in Toronto-listed Canadian coal mine owner CIC Energy Corp, at a value estimated to be worth of Rs 1000 crore, as mentioned in some media reports. The acquisition will help the company access about 2.4 billion tonnes of high grade thermal coal from CIC's Mmamabula Coalfields and other properties, which in turn would be used to feed in the requirement of its India-based power and steel plants.
Recently, the company raised Rs 3500 crore from consortium of lenders for funding the requirements for setting up the world’s biggest steel plant in Orissa. The debt would add to Jindal Steel's consolidated debt of Rs 14,716.8 crore as on March 31, 2012.
