India-based JSW Energy has entered into a memorandum of understanding (MOU) with Dubai, UAE-based Osho Venture FZCO (Osho) and Indian Ocean Mining (Pty) Limited of South Africa (IOM) with the intention to acquire a 70 percent equity interest in IOC from Osho.
IOM has certain coal prospecting rights in the northwestern region of South Africa, JSW said, adding that the MOU is part of the strategy to enhance fuel security in line with which the company is continuously evaluating various strategies and proposals to secure long-term imported coal linkages.
The MOU is subject to the company carrying out due diligence, execution of definitive agreements and compliance with regulatory requirements, JSW added.