India's Jindal Steel & Power (532286.BY) said Wednesday it has...

India's Jindal Steel & Power (532286.BY) said Wednesday it has acquired Canada's CIC Energy Corp. (ELC.T) for 6.50 billion rupees ($116 million) and aims to invest up to $700 million in two-three years to develop CIC's coal mines in Botswana and build a power plant there.

Share holder been paid $2 per share (CND)

In Botswana, Jindal Steel aims to produce about 2.5 million metric tons of coal from the mines to run the proposed 300 megawatt power plant, Director Sushil Maroo told reporters.

The company also plans to look at exporting coal from Botswana and work on "evacuation" facilities in the next five years.

HDG is more than 10 times under value!