Jindal Steel to invest $500 million in Cameroon projects

YAOUNDE Thu Dec 6, 2012 8:42pm IST

Workers walk inside the Jindal Power and Steel Ltd. complex at Nisha village in Orissa March 27, 2012. REUTERS/Rupak De Chowdhuri/Files

Workers walk inside the Jindal Power and Steel Ltd. complex at Nisha village in Orissa March 27, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

Stocks

   

YAOUNDE (Reuters) - Jindal Steel and Power (JNSP.NS) will invest around $500 million in Cameroon to build a power plant, a railway line and an iron ore processing plant, Cameroon's state radio reported, citing the country's mines ministry.

The 500 MW thermal power station will be built in the southwestern town of Limbe, while the rail line will run between the coastal city of Kribi and Perth-based Sundance Resources Ltd.'s (SDL.AX) iron ore project in Mbalam in the east.

The processing plant will be located in Kribi, home to a deep-water port.

"Jindal Steel and Power will invest nearly $500 million... in the beginning. Afterward, other investment projects... could also follow," state broadcaster CRTV reported late on Wednesday, quoting a mines ministry statement.

Jindal is also in talks with Caminex SARL, a unit of Toronto and AIM-listed Afferro Mining AFF.V, to process ore from its Nkout iron ore project at the Kribi plant, the radio reported.

Jindal's chairman Naveen Jindal met with Cameroon's President Paul Biya on Tuesday.

"We feel that Cameroon offers lots of investment opportunities especially in the areas of mineral development, infrastructure development and power generation," he told journalists following the meeting.

"We feel very encouraged, we feel very confident of investing in Cameroon," he said.

New Delhi-based Jindal Steel and Power is part of the $18 billion diversified O.P. Jindal Group.

In India, it currently operates power plants with a total capacity of 2,298 MW as well as a steel plant with annual production capacity of 3 million tonnes.

In Africa, it holds coal mining licences in South Africa and Mozambique.

(Reporting by Tansa Musa; writing by Joe Bavier; editing by David Lewis and James Jukwey)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared
People walk in the Wipro campus in Bangalore June 23, 2009. REUTERS/Punit Paranjpe/Files

Wipro Q4 net profit beats estimates, rises 29 percent

Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier.  Full Article | Full Coverage 

REUTERS SHOWCASE

Election 2014

Election 2014

India holds biggest day of voting with BJP gaining strength  Read | Full Coverage 

Market Eye

Market Eye

Sensex jumps 351 points, snaps 3-day losing streak  Full Article 

Insider Trading Case

Insider Trading Case

Ex-Goldman director Rajat Gupta to surrender June 17 in insider case.  Full Article 

Expansion Plans

Expansion Plans

Reliance Industries, HPCL Mittal plan refinery expansions.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Deal Talk

Deal Talk

Piramal to buy 20 percent stake in Shriram Capital for $334 million.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage