Jindal Steel South Africa units file for business protection

Bloomberg News | June 25, 2018 | 12:35 pm Africa Asia

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Image from Jindal Steel & Power Ltd.

(Bloomberg) — 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 June 12, according to documents posted on Jindal Africa’s website. A spokesman for the company didn’t immediately reply to an email 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 June 26.

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.

(By Paul Burkhardt and Loni Prinsloo)