Reliance Power acquires 3 coal mines in Indonesia

Published: Friday, May 2, 2008, 13:04 [IST]
 

New Delhi, May 2: Reliance Power Ltd today said its wholly-owned subsidiary Reliance Coal Resources Pvt Ltd has acquired three coal mines in Sumatra in Indonesia. The company said in a statement that it has entered into a definitive agreement to acquire 100 per cent economic interest in the three coal concessions in Indonesia.

The payment for acquisition is linked to actual production of coal, it said, adding that the company will invest one billion dollar in mine exploration and logistics. The three coal mines have total resources of two billion metric tonnes and it will be utilised by Reliance Power for its Krishnapatnam Ultra Mega Power Project. Reliance Power can mine up to 40 MT coal per annum from these mines.

UNI

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