Jindal Steel And Power Limited has acquired 9.25% stake in Australia based Apollo Minerals Limited for R5.30Cr (AUD 1 Mn) through its Australian subsidiary - Jindal Steel and Power Australia Pty Ltd.
As per the deal, Jindal Steel and Power Australia will acquire 25 Mn shares of Apollo at AUD 0.04 each.
The proceeds of JSPL's initial investment in Apollo will be used for the exploration and development of Apollo's Commonwealth Hill Iron Project as the Company continues to work on fast-tracking the asset into production.
Apollo Minerals is an Australian iron ore exploration company listed on the Australian Securities Exchange. It has has two iron ore projects - the Mount Oscar Project in the Pilbara region of Western Australia and the Commonwealth Hill Project in the Gawler Craton of South Australia.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.