India’s Jindal Group seeking to assume iron ore company in Brazil

Indian steelmaker D.P. Jindal Group has proposed to assume 100 percent of Brazil-based iron ore producer Zamin Amapa, in the state of Amapa, a media report from Noticias de Mineracao said on Monday.

UK-based iron ore producer Zamin owns the Brazilian subsidiary Zamin Amapa, which is currently under bankruptcy protection.

Under Jindal’s proposal, it would assume 100 percent of Zamin Amapa, in addition to investing $70 million in order to pay debts and recover the company’s businesses, including its collapsed Santana Port and its EFA railroad.

Last Thursday, a Sao Paulo state court homologated Zamin’s bankruptcy protection plan in Brazil.

According to the media report, the recovery of both the port and the railroad are seen as fundamental for Zamin, whose operations were halted following the collapse of a port in 2013.