Maatla Energy set to purchase Jindal BVI

 

Maatla Energy, a diversified energy company plans to acquire a majority stake of Jindal BVI, which owns Mmamabula coal deposits in the north eastern side of the country, the Competition Authority (CA) has noticed.

According to a statement from the anti-trust body, Maatla Energy is a wholly owned subsidiary of MRD Holdings and both companies are incorporated in agreement with the Laws of the Republic of Mauritius. MRD Holdings in turn is jointly owned and controlled by the LiAria Trust, GMCG Trust, Botshl Trust and Sable Trust. Maatla Energy does not conduct any business in the country. Its directors are Jacques Badenhorst and Johannes Jacob Grobler, South Africans as well as Lavesh Sharma Beedassy and Sheik Idriss Bilall Jannoo, both Mauritius citizens).

Meanwhile, the target enterprise, Jindal BVI, is an investment company incorporated in accordance with the Laws of the British Virgin Islands. It is controlled by Jindal Steel & Power (Mauritius) Limited, an investment company registered in Mauritius.

The remaining minority stake in the entity is held by Anthony Miller and Glendal, a South African investment holding company that owns the Mmamabula Power Plant Development, which is involved in coal mining and coalfield projects. Mmamabula coal fields were bought from CIC Energy by Jindal nearly ten years ago, after a failed take of the envisaged 2400mw power plant by the former.

Jindal BVI is involved in the mining and metallurgy industry with subsidiaries in Barbados, Bahamas, Mauritius and Botswana. In Botswana, Jindal BVI is present through several subsidiaries such as Jindal Resources, Trans Africa Rail, Jindal Energy Meepong Resources Meepong Energy, and power station, Meepong Services and Meepong Water, an infrastructural and water Abstraction Company.

The sole Director of Jindal BVI is Neeraj Saxena who originates from India.  Competition Authority has since asked any interested party in the above merger notification to make their views pertaining to the merger within 14 days of publication of the notice.