Venezuela’s government and Jindal Steel have signed an agreement for the Indian company to run the country’s largest iron-ore-producing plant.
Venezuela’s government and Jindal Steel & Power Co. have signed an agreement for the Indian company to run the country’s largest iron-ore-producing plant, according to a person with knowledge of the matter, marking the first entry in years by an international firm into the South American nation’s closely held companies.
The deal is Venezuela’s first step to open up operations in its metallurgic and mining industries to an international private company after US sanctions hit the country in 2019. Venezuela’s mining and heavy industries are all state-owned. Jindal Steel & Power Chairman Naveen Jindal has visited the plants in Bolivar state with technicians, union leader Carlos Ramirez told local newspaper Tal Cual in August.
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