Maples and Calder Advises Jindal on Merger
Maples and Calder acted as British Virgin Islands counsel to Jindal Steel & Power (Mauritius) Limited, a wholly-owned subsidiary of Jindal Steel & Power Limited (“JSPL”) on the merger of its subsidiary, Jindal BVI Limited ("JBVI") with Canadian and Botswana-listed coal company, CIC Energy Corp ("CIC"). JBVI is the surviving entity following the merger and the listings will not be maintained.
The transaction required Jindal BVI to make a cash payment of CDN$2 per share to the current CIC shareholders aggregating to approximately CDN$116m.
JSPL is one of India's major steel producers and it is also a leading electricity generator. CIC operates coal mines in south-east Botswana. The deal will give JSPL access to approximately 6 billion tons of high-quality thermal coal, as well as the opportunity to provide electricity to countries within the Southern African Development Community, which are largely power-deficient.
Partner Barry Mitchell led the transaction.