{{ languageVal }}
  • English
  • French (Canada)
 

Deals

Maples and Calder Advises Jindal on Merger

12 Oct 2012

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.

Related Services

Corporate

Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global corporate team provides expert legal advice to corporate clients on all corporate commercial matters.  Our clients include major banks, multinationals and institutional investment firms, leading law and accountancy firms and a number of state / government entities across all industry sectors.