India Cements May Buy Coal Mine in Indonesia

India Cements has revealed that it plans to acquire a coal mine in Indonesia over the next few months.

The company is also looking at acquiring a major gypsum producer, even as it is developing plans to enter the power sector, The Financial Express reported. India Cements vice chairman and managing director N Srinivasan said the company was considering the acquisition of an Indonesian coal mine. At a news conference to announce the company’s quarterly results on Saturday, Srinivasan said, “We are in advanced talks with a private coal mine player in Indonesia. We hope to finalize the deal in the next few months.”?

The initial estimate of the coal mine was expected to be around 15 metric tons which could scaled up to 30, Srinivasan said, adding the company wanted to utilize it for its own use. India Cements is currently importing close to 900,000 tons of coal per year. source : thejakartaglobe.com