JSW Energy today announced that it had entered into a memorandum of understanding (MoU) with Osho Venture FZCO, Dubai and Indian Ocean Mining (Pty) Ltd, South Africa (IOM) to acquire 70 per cent stake in IOM from Osho. IOM has coal prospecting rights in the north-west region of South Africa.
The company did not disclose the financial terms of the deal. “The MoU is subject to company carrying out due diligence, execution of definitive agreements and compliance with regulatory requirements,” the company said in a filing to the Bombay Stock Exchange.
JSW Energy is the power venture of the Sajjan Jindal-led JSW Group. It operates 995 Mw of capacity and plans to increase it to 11,390 Mw by 2015.