Mumbai, Feb. 19 -- The Competition Commission of India (CCI) has approved the acquisition of certain interests in Blackwater Coal Mine by NS Blackwater Pty Limited and JFE Steel Australia (BW) Pty Ltd.
The proposed transaction involves NS Blackwater Pty Limited acquiring a 20% stake and JFE Steel Australia (BW) Pty Ltd. securing a 10% stake in the Blackwater Coal Mine (BW Coal Mine).
NS Blackwater is a newly established special-purpose vehicle created for this acquisition and is ultimately owned by Nippon Steel Corporation. Similarly, JFE Steel BW has been incorporated as a special-purpose vehicle for the transaction and is ultimately owned by JFE Holdings, Inc.
The BW Coal Mine, an open-cut operation in Queensland, Australia, has been in operation since 1967. In India, it supplies coking coal through imports, playing a crucial role in the country's steel production sector.
Published by HT Digital Content Services with permission from Construction World.