JSW Steel buys a big Australian company, has already established itself in Africa

Sajjan Jindal: The global expansion of Indian companies is continuing at a rapid pace. Recently, information came to light that Bharat Enterprises has included its name in the list of giants like Tata-Mahindra by buying a large stake in Britain’s largest telecom company BT Group. Now the country’s leading company JSW Steel has announced the acquisition of M Res NSW, a large mining company of Australia. This is being seen as a big success for JSW. This will ensure that the company will not face any problem of raw material.

The deal was done through JSW Steel Netherlands

Sajjan Jindal-led JSW Steel is expanding rapidly. The company has done this deal through its subsidiary JSW Steel Netherlands. The company has acquired 66.67 per cent stake in M ​​Race NSW. The company said in an exchange filing on Monday that the Board of Directors of JSW Steel has approved the acquisition of M Race NSW in a meeting on August 12, 2024. JSW Steel Netherlands has done this deal for $120 million.

Recently bought a coal project in Mozambique

JSW Steel said that this acquisition has been done with the aim of securing raw materials and reducing costs. As per the terms, JSW Steel will have to invest $50 million in M ​​Race NSW. Recently, JSW Steel also acquired Minas de Revuboe Limitada, which runs a coal mine project in Mozambique. JSW Steel has set a target of achieving 50 million tonnes of steel production capacity by the year 2030.

These mines in New South Wales have reserves of coking coal

M Race NSW is owned by Matthew Latimore. He is the owner of M Resources Private Limited. It is a mining, investment, marketing and trading company. Its headquarters is in Australia. M Race NSW has a 30 percent stake in Golden M NSW Private Limited. Their mines are in New South Wales, Australia. These mines have reserves of 99 million tonnes of prime hard coking coal.

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