New Delhi: Indian sponge iron manufacturer Jindal Steel & Power Ltd's Mauritius arm is in advanced talks to acquire foreign miner CIC Energy Corp, the Canadian firm said in a statement.
CIC Energy will value itself at C$2 a share if the deal with Jindal Steel & Power (Mauritius) Ltd is finalized, the company said.
Notably, the report comes in the backdrop of Jindal Steel & Power terminating its ambitious $2.1 billion mining and steel-manufacturing project in Bolivia recently, giving a jolt to its overseas plans.
However, CIC Energy cautioned that a binding agreement has not yet been signed between the two parties and there can be no assurance that any transaction will result from these discussions.
CIC Energy is engaged in the development of the Mmamabula Energy Complex at the Mmamabula Coal Field in Botswana, Africa.
Shares of Jindal Steel & Power Thursday closed at Rs 425.45 on the Bombay Stock Exchange , down 0.26% from the previous close.