Botswana acquisition Approved by Competition Commission (CA)
Apr 13, 2015
Jindal Steel & Power (Mauritius) Ltd (“JSPL”) and Glendal Trading Pty Ltd (“Glendal”) concluded a Share Purchase Agreement in respect of Jindal (BVI) Ltd on 2 February 2015 (the “SPA”).
Jindal (BVI) Ltd, a subsidiary of JSPL is the holding company of the Jindal Mmamabula Energy Project (“JMEP”) and all assets related thereto.
“In light of the good progress being made we feel that Glendal Trading is a valuable strategic partner to JSPL, with experience in the structuring of regional energy projects and access to significant funding, essential for the successful implementation of the JMEP.” Said Mr. Ashish Kumar, Chief Operating Officer of Jindal Africa
In terms of the SPA, and subject to the fulfillment of certain conditions, Glendal (a South African company with South African corporate shareholders) will ultimately acquire 74% of the issued share capital of Jindal (BVI) Ltd.
As a 26% shareholder, it is envisaged that JSPL will retain a significant interest and presence in the JMEP, from a financial, planning, implementation and operational perspective.