MUMBAI (Commodity Online): India’s GMR infrastructure LTD (BSE: GMRINFRA: 532754, NSE: GMRINFRA), to acquire 30% stake in Indonesia’s PT Golden Energy Mines Tbk or GEMS.
The company is buying the stake for $450-$550 million in cash to ensure fuel supply for next 25 years. The intake of the company would rise to 10 million tons per annum.
This buy has added the companies name in the list of companies approaching aboard for coal mine assets to ensure coal supply.
The countries include Indonesia, South Africa and Australia which are the main producers of coal.
Earlier, Coal India Limited (CIL) had been in talk with GEMS to buy 40% stake for $1 billion.
GMR Group is one of the fastest growing infrastructure organizations in the country with interests in Airports, Energy, Highways and Urban Infrastructure
The company is trading at Rs 30 in BSE at 2:45 pm on 12 Aug
