India's largest steelmaker has been sidelined by a legal dispute that's derailed its deal to buy a coal concession in Mozambique.
JSW Steel—run by Sajjan Jindal—agreed in May to buy Minas de Revuboe from the estate of Ken Talbot, an Australian mining tycoon who died 14 years ago. Before the deal could be completed, the Mozambican government revoked MdR's lease to mine coal valued at about $50 billion.
In August, two months after the license was withdrawn from MdR, the ministry of mineral resources and energy published a notice in Mozambique's state-owned newspaper offering a 30-day window for any objections to the concession being awarded to Stonecoal. Four of Stonecoal's five directors are employed at Jindal Steel & Power, a company headed by Naveen Jindal, Sajjan's younger brother.
This story is from the January 09, 2025 edition of Financial Express Chennai.
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This story is from the January 09, 2025 edition of Financial Express Chennai.
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