JSW Energy Ltd has entered a memorandum of understanding (MoU) with Osho Venture FZCO, Dubai (Osho) and Indian Ocean Mining (Pty) Ltd, South Africa with an intention to acquire 70% equity interest in Indian Ocean Mining from Osho.
Indian Ocean Mining has certain coal prospecting rights in north west region of South Africa. The aforesaid MoU is part of the strategy to enhance fuel security for which the company is continuously evaluating various strategies and proposals to secure long term imported coat linkages.
The MoU is subject to company carrying out due diligence, execution of definitive agreements and compliance with regulatory requirements.
On Thursday, JSW Energy's shares ended 2.35% up at Rs121 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.59% up at 16,922 points.
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