Mumbai: Jindal Steel and Power Ltd (JSPL) plans to acquire majority stake in iron ore assets of Australian firm Apollo Minerals over an investment of about Rs56 crore. As per the said deal, Apollo Minerals will split its iron ore assets into a new listed company NewCo, on the Australian Securities Exchange (ASX).
“About 49% stake will be given to shareholders as part of demerger in NewCo on a pro-rata basis after the said investment,” informs Apollo Minerals in its official statement. The company further adds, the demerger will consist of an in-specific distribution of NewCo shares to Apollo shareholders, an initial public offer (IPO) by NewCo, through whihc JSPL will chip in the said investment.
Commenting on the newly ventured partnership with JSPL, Apollo’c Non-executive Chairman Tony Ho said, “We now have the key ingredients required to take Apollo’s iron ore projects from exploration to production in the shortest possible time.”
EPC News Bureau
The post JSPL targets majority stake in Aussie Apollo Minerals appeared first on EPC World.