Australia-based iron ore explorer and developer Apollo Minerals has announced that the Indian steel and energy company Jindal Steel and Power Limited has acquired a 9.25 percent stake in the company for A$1 million.
According to the share subscription agreement, Jindal Steel & Power Ltd will make a substantial investment in Apollo in line with its pursuit of iron ore and coking coal projects around the world to feed the new steelmaking capacities it is building in India.
Apollo is planning to use the proceeds from the sale for the exploration and development of its Commonwealth Hill iron ore project in South Australia.