Jindal Steel and Power has chalked out capex plan for developing new and existing mines in South Africa.
The company plans to invest $300 million (approx Rs 1,470 crore) for the purpose. Jindal Africa, the company's Africa subsidiary, will invest $250 million (approx Rs 1,225 crore) in developing a coal mine in coal-rich Moatize region of Mozambique. The remaining $50 million (approx Rs 245 crore) will be utilised towards expanding the capacity of its mine in Piet Retief in Mpumalanga province of South Africa. The capacity of this mine will be raised from 0.8 million tonne to 1.3 million tonne by FY2013 while the Mozambique mine is expected to start operations during 2012.