In the biggest investment by an Indian company in South America, Jindal Steel and Power Ltd on Thursday announced projects worth more than Rs 8,000 crore ($2.1 billion) in Bolivia to develop an iron ore mine and setting up a steel plant among other things.

"JSPL has signed a historic agreement with the Bolivian government to develop a 20 billion tonne iron ore mine and setting a two million tons steel plant there," JSPL executive vice chairman and managing director Naveen Jindal said.

The investment will be made over five years, he said, adding that the company would look for more opportunities to invest in other South American nations.