Jindal Alliance Receives Bolivian Parliament Approval

New Delhi: The joint venture agreement inked between the Bolivian Government and Jindal Steel and Power Ltd (JSPL) to develop the El Mutun iron ore mines has cleared the first step with the Bolivian Chamber of Deputies giving its clearance. The Bolivian Parliament has two Houses the House of Deputies and the Senate. And the joint venture has got the permission from the House of Deputies. JSPL along with its subsidiary Jindal Steel Bolivia had inked a contract in July with the Bolivian Government for the development of the El Mutun mines, which is the biggest investment by an Indian company in South America. The JSPL said that the Bolivian Government was exploring the way to disburse the initial funding for the joint venture company. The contract inked with the Bolivian Government is to develop a 20 billion tonne iron ore mine and establishing a two million tonne steel plant, which is likely to be commissioned by 2010.