Steel major Jindal Steel and Power Ltd (JSPL) announced agreements with Bolivia to invest USD 2.1 billion to set up a six million tonne sponge iron plant, 10 million pellet plant, and 1.7 million ton steel plant. The plants will draw from El Mutun, one of the world's biggest iron-ore mines with proven reserves of 40 billion tons of medium grade quality iron ore, and Jindal has rights to exploit up to 50 per cent of this reserve. The company will also install a 450 megawatt (MW) power plant to support these plants.

Jindal hopes to finance this investment through debt (60%) and equity (40%) following a definitive agreement that will be realized in the next 45 days.