Jindal Steel and Power will invest around USD 500 million in Cameroon to build a power plant, a railway line and an iron ore processing plant, Cameroon's state radio reported, citing the country's mines ministry.
The 500 MW thermal power station will be built in the southwestern town of Limbe, while the rail line will run between the coastal city of Kribi and Perth-based Sundance Resources Ltd.'s
The processing plant will be located in Kribi, home to a deep-water port.
"Jindal Steel and Power will invest nearly USD 500 million... in the beginning. Afterward, other investment projects... could also follow," state broadcaster CRTV reported late on Wednesday, quoting a mines ministry statement.
Jindal is also in talks with Caminex SARL, a unit of Toronto and AIM-listed Afferro Mining
Jindal Steel stock price
On November 27, 2015, Jindal Steel & Power closed at Rs 90.30, down Rs 0.05, or 0.06 percent. The 52-week high of the share was Rs 208.00 and the 52-week low was Rs 56.00.
The latest book value of the company is Rs 136.75 per share. At current value, the price-to-book value of the company was 0.66.
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