Jindal Steel South Africa units file for business protection1 min read . Updated: 26 Jun 2018, 04:40 PM IST
Jindal Mining, Jindal Africa Investments and Eastern Solid Fuels filed notice of the voluntary proceedings on 12 June
Johannesburg: South African units of Jindal Steel & Power Ltd. filed for a local form of bankruptcy protection known as business rescue this month.
Jindal Mining SA, Jindal Africa Investments and Eastern Solid Fuels filed notice of the voluntary proceedings on 12 June, according to documents posted on Jindal Africa’s website. A spokesman for the company didn’t immediately reply to emails seeking comment.
Jindal Mining SA’s main business is coal production at the Kiepersol mine, according to one of the documents. Business-rescue practitioners for the unit have scheduled a meeting with creditors for 26 June.
Jindal Africa also has operations in Botswana, Mozambique, Namibia, Zambia, Tanzania and Madagascar.
Jindal Steel & Power, the Indian steelmaker controlled by billionaire Savitri Jindal’s family, manufactures sponge iron, mild steel, and cement. It also produces power, conducts mining operations for iron ore and coal, and explores for natural gas and oil.