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Wednesday, April 7, 2010 as of 11:14 AM ET

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Jindal Steel Says Looking For Stakes In More Overseas Mines

Jindal Steel & Power Ltd.

(532286.BY) is scouting for iron-ore and coking-coal projects around the world to feed new steel-making capacities the company is building in India, a senior executive said Wednesday.As an initial step, Jindal Steel acquired a 9.25% stake in Australian iron-ore explorer Apollo Minerals Ltd. (AON.AU) for A$1 million. In a statement late Tuesday, Apollo said the Indian company could invest more at a later stage.Jindal Steel Chief Financial Officer Sushil Maroo said his company is discussing deals to pick up stakes in other mining projects too.Jindal Steel expects to invest as much as $6 billion over the next four years to expand its steel-production capacity fivefold from the current 2.8 million metric tons a year.A major reason for looking outside is the difficulty in getting mines allocated in India, Maroo told Dow Jones Newswires. "Our motive for acquiring mines is to secure raw materials for our expansion projects in India three to five years down the road."...

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