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TATA GROUP TO BUY US$1.1 BLN STAKE IN TWO INDONESIAN COAL FIRMS.
MUMBAI, April 2 Asia Pulse - In line with Tata Group's overseas acquisition strategy, Tata Power (BSE:500400) on Saturday announced it would buy a 30 per cent stake in two Indonesian coal mines for US$1.1 billion to secure fuel supplies for its power plants in India.
Tata Power, India's second-largest electricity firm after NTPC, outbid Japan's Mitsubishi and Korea Electric Power to acquire the stake in the two firms and a trading firm owned by PT Bumi Resources Tbk, giving it access to one of the largest exporting coal mines in the world.
TPC has signed definitive agreements to purchase 30 per cent stake each in PT Kaltim Prima Coal (KPC), PT Arutmin Indonesia (Arutmin) and trading firm Indocoal Resources owned by Bumi, Tata Power Managing Director Prasad R Menon said.
"TPC will pay US$1.1 billion for the stake. The deal will be made through a Special Purpose Vehicle and is likely to be completed by May-end," he said.
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