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JSW Completes $74.2mn Acquisition of Mozambican Coal Company
March 27, 2026
JSW Steel’s subsidiary, JSW Natural Resources, completed the acquisition of a 92.19% stake in the Mozambican coal company Minas de Revuboe (MdR). The transaction executed on 25 March, 2026, involved transferring $74.24mn to designated escrow accounts. However, legal and political complications cloud the acquisition. The Mozambican government revoked MdR’s coal mining license covering reserves valued at ~$50bn before JSW could originally close the deal. Shortly after, the government opened a 30-day window to award the concession to Stonecoal SA, a company whose board largely consists of directors employed by Jindal Steel & Power. This has triggered a legal dispute between MdR and the Mozambican government, with JSW effectively on the sidelines as an observer rather than an active party in the litigation. Political instability in Mozambique is said to further complicate the backdrop. JSW aims that MdR can win back its mining rights through the courts, but the outcome remains uncertain and the investment carries meaningful geopolitical and legal risk.
JSW Steel’s 5.05% 2032s traded stable at 96.7, yielding 5.7%.
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