JSW Energy on Thursday said it may pick up 70 per cent stake in South Africa-based Indian Ocean Mining Ltd, a move that would help the company in enhancing its fuel security.

“JSW Energy has entered into a Memorandum of Understanding with Osho Venture FZCO, Dubai (Osho) and Indian Ocean Mining Ltd (IOM) with an intention to acquire 70 per cent equity interest in IOM from Osho,” the company informed Bombay Stock Exchange.

The MoU is part of the company’s strategy to enhance fuel security for which the company is continuously evaluating various strategies and proposals to secure long-term imported coal linkages, it said.

The pact is subject to company carrying out due diligence, execution of definitive agreements and compliance with regulatory requirements.

More In: Companies | Business