The Nagpur-based Abhijeet Group on Thursday signed a $7-billion (Rs 39,069 crore) deal with US-based FJS Energy LLC for coal supply to fire its steel and power units in India. The New Jersey-based company said it would supply coal from its affiliates, FJSE Marshall Inc and FJSE River Coal, for 25 years.
“The deal would benefit both companies optimally,” said M P Narayanan, chairman of the FJS Energy board. “Abhijeet Group is a major client for coal producers and suppliers in the US.”
Abhijeet, led by Manoj Jayaswal, has significant presence in the core sector areas of power, roads, mining, engineering procurement and construction, ferro alloys, steel and cement. It has a power generation capacity of 2,671 Mw — the 271-Mw Mihan project in Nagpur, the 1,080-Mw Chandwa project in Jhark-hand and the 1,320-Mw Banka project in Bihar. It is also setting up 10-million-tonne per annum (mtpa) steel-making capacity over three states — Jharkhand, West Bengal and Maharashtra.
The Group’s Executive Director, Anand Kumar, said, “FJS Energy is a reliable and high-quality coal producer in the US. The import will help us meet the increasing demand for energy and steel here.”
FJS Energy was founded in 2011 by energy sector professionals from India and North America as a global resource and energy enterprise. The company aims to secure five per cent market share in the Indian coal import business.