Jindal Steel
and Power (JSPL) is likely to increase its stake in Australia’s Apollo Minerals
to 11.70% by acquiring an additional 10 million shares of the firm for about Rs
2.20 crore. At present JSPL holds a 9.25% stake in the Australian company,
which is primarily into iron ore mining. This transaction is expected to be
complete this week and is not subject to regulatory approvals from any
Australian or State Government agency.
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