Jindal Group discusses investments with Sri Lanka
Top officials from the OP Jindal Group, the third-largest private steel producer in India, were in the island recently to discuss investment opportunities, Finance Ministry officials said.
This follows the April meeting that Sri Lanka’s High Commissioner to India, Milinda Moragoda, had with Jindal Steel and Power Ltd Chairman Naveen Jindal in New Delhi to discuss investment opportunities in Sri Lanka. The meeting was part of Mr. Moragoda’s ongoing engagement with large-scale Indian investors and corporate leaders.
Finance Ministry officials told the Business Times that the Jindal Group was interested in investing in undersea cables to export power.
Also called submarine cables, undersea cables are in essence optic fibre wires that are laid on ocean or sea beds to connect two landmasses parted by the sea. Started as Internet plumbing, now they are used for power transmission to oil rigs, carrying power generated from offshore wind farms to power stations, and creating inter-country and island connections.
Offshore renewable energy entails export cables from wind, wave, and tidal installations needed to carry the renewable energy ashore. “This is an area that they are very interested in. The officials from Jindal Group had extensive discussions on this,” an official said.
Sri Lanka is connected to the Internet mainly using connections made to two undersea cables: SEA-ME-WE-3 and SEA-ME-WE-4. Both connections are owned by SLT, with other Internet Service Providers having access as well.
Jindal Steel and Power Ltd, a prominent Indian steel company based in New Delhi, is part of the Indian conglomerate and the only private company in India to produce rails.
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