JSW Steel is set to acquire a stake in an Australia-based cooking coal mining firm, the company announced on Tuesday.

What Happened: JSW will purchase 66.67% of M Res NSW HCC Pty Ltd for $120 million (₹1,007 crore), the company said in a press release. It will infuse another $50 million (₹419 crore) into the Australian firm in 2030.

The transaction will be carried out through its wholly-owned subsidiary, JSW Steel Netherlands BV. The subsidiary will acquire six crore shares in M Res NSW. The shares so acquired will not carry any voting rights, JSW Steel added.

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"The closing of the transaction is subject to satisfaction of customary conditions precedent as per the transaction agreements," the company said in its statement.

M Res NSW is controlled by Matthew Latimore, the owner of M Resources Pty Ltd. It owns a 30% stake in a joint venture formed to acquire the Illawarra Metallurgical Coal business of South32 Limited, one of Australia's biggest mining firms. The business consists of Appin and Dendrobium mines and associated infrastructure. The remaining 70% stake is held by Golden Investments (Australia) III Pte. Ltd.

Price Action: Shares of JSW Steel opened 0.51% higher at ₹922 on Tuesday.

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