Jindal’s integrated mining and steel project in Bolivia was the largest contract secured by an Indian company in Latin America. The project, which ultimately became a victim of the country's domestic politics, has lessons for Indian companies venturing into Latin America.
Bolivian prosecutors with the support from police and military forces on Friday raided the offices of India’s Jindal in La Paz as part of an investigation for an alleged “breach of contract” following the company’s confirmation it was abandoning the huge iron-ore mining project of El Mutún.
India’s Jindal Steel & Power plans this year to export 1 million tons of iron ore concentrate from Bolivia’s El Mutun mine, the firm said. Following on some problems that have been overcome, exports will begin in March reported Jindal Bolivia’s communications manager, Eduardo Prudencio.