JSW Energy Acquires CIC Energy

28 November 2010 (Last Updated November 28th, 2010 18:30)

India's JSW Energy has acquired Canadian coal company CIC Energy for C$422 (US$414m) and will receive coal mine assets in Africa as a result of the transaction. CIC Energy owns and develops coal mines in Botswana, Africa, with reserves of about 2.6 billion tons of thermal coal, used prima

India's JSW Energy has acquired Canadian coal company CIC Energy for C$422 (US$414m) and will receive coal mine assets in Africa as a result of the transaction.

CIC Energy owns and develops coal mines in Botswana, Africa, with reserves of about 2.6 billion tons of thermal coal, used primarily by power plants.

JSW said the acquisition will help it meet its long-term coal requirements for its existing power projects and allow it to accelerate the expansion of its projects that rely on imported coal.

The acquisition is scheduled to be completed by March 2011.