The company secured the new contracts at the time when iron ore mining is banned in the home market, India.

JSPL managing director and chief executive Ravi Uppal told the Business Standard that the country has received mining licenses in Namibia, Gabon, Sierra Leone, Mauritania and South Africa.

"We have started testing to access the exact number of reserves. It will take about 12-18 months to finalise," Uppal added.

The latest contracts are part of the company’s aim to expand its focus on overseas business, primarily for the purposed of supply of raw materials as well as to reduce risk in prices.

JSPL’s global business, which currently contributes 15% to the company’s total revenues, is expected to increase to 20-25% during the coming two years.