CCI clears Nippon Steel, JFE Steel's proposal to collectively acquire stakes in Australian coal mine
Nippon Steel and JFE Steel to collectively acquire a 30 per cent stake in Queensland's Blackwater coal mine. «The proposed combination envisages the acquisition of 20 per cent and 10 per cent interest in Blackwater Coal Mine by NS Blackwater Pty Ltd and JFE Steel Australia Pty Ltd, respectively,» the Competition Commission of India (CCI) said in a release.
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NS Blackwater is a special purpose vehicle and is ultimately owned by Nippon Steel Corporation, while JFE Steel Australia (BW) Pty is owned by JFE Holdings, Inc.
JFE Steel Corporation, one of the world's leading integrated steel producers, was established through the consolidation of NKK Corporation and Kawasaki Steel Corporation in 2003.
Blackwater Coal Mine (BW Coal Mine) is an open-cut mine in Queensland, Australia, which has been operating since 1967. In India, the BW Coal Mine supplies coking coal by way of imports.
In August last year, JFE Steel said that it has signed an agreement with Whitehaven Coal, an Australian supplier of coking coal for steelmaking, to acquire a 10 per cent interest in the Blackwater coal mine, along with a long-term offtake agreement for coal supply from the mine.
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