On Wednesday, India-based Jindal Steel & Power announced that it acquired Canadian coal mining company CIC Energy Corp. for 6.5 billion rupees (US$116 million). Jindal also said that it planned to invest as much as $700 million in the next two to three years to develop CIC's coal mines in Botswana as well as build a power plant there.
Jindal also said that it planned to de-list CIC's shares in Canada. CIC Energy has about 6 billion metric tons in coal reserves throughout its mines. The trend of Indian companies seeking raw material resources overseas has been growing due to a shortage of some materials, such as coal, in the country.