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:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Barack Obama in India

Reuters Showcase

Coal Mining

Coal Mining

India to open coal to commercial mining firms soon, minister says  Full Article 

RBI Loan Rules

RBI Loan Rules

RBI relaxes overseas loan recast rules   Full Article 

E-commerce Firms

E-commerce Firms

Amazon, e-commerce rivals fuel commercial property boom in India  Full Article 

Growth Forecasts

Growth Forecasts

Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll.  Full Article 

Uber is Back

Uber is Back

Uber back in Delhi; govt says must await approval.  Full Article 

Markets at Record

Markets at Record

Sensex rises to record after ECB stimulus programme.  Full Article 

Pharma Sector

Pharma Sector

Ipca Labs hit by FDA ban on plant for standard violations.  Full Article | Related Story 

Forex Reserves

Forex Reserves

India FX reserves at record high as RBI fortifies defences  Full Article 

QE for Euro Zone

QE for Euro Zone

ECB launches 1 trillion euro rescue plan to revive euro economy.  Full Article 

Reuters India Mobile

Reuters India Mobile

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