JSW signs MoU with Osho Venture, Dubai for IOM equity acquisition
10 Jun 2010
JSW Energy today made an announcement of having entered into a memorandum of understanding (MoU) with Osho Venture FZCO, Dubai and Indian Ocean Mining (P), South Africa (IOM) to acquire 70 per cent equity interest in IOM from Osho.
IOM holds certain coal prospecting rights in North West region of South Africa and the MoU forms part of its strategy to enhance fuel security, for which the company is continuously evaluating various strategies and proposals for securing long term imported coal linkages.
The MoU is however subject to the company carrying out due diligence, execution of definitive agreements and compliance with regulatory requirements.
JSW Energy's consolidated net profit soared 1047.2 per cent to Rs 273.03 crore on a 65.5 per cent surge in net sales to Rs 784.49 crore in Q4 March 2010 over Q4 March 2009.
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