Adaro says no plan to sell stake
Thursday, October 7 2004 - 09:45 AM WIB
Indonesia?s top coal miner PT. Adaro Indonesia on Thursday said that it?s shareholders had no plan to sell 26 percent stake in the company to Indian electricity firm Tata Power Company.
?There?s no such plan (to sell Aadaro?s stake),? said Adaro?s administration manager Priyadi.
India?s daily Financial Express reported on Wednesday Tata?s plan to acquire Adaro?s stake to reduce fuel cost and to secure coal supply for its 1,350-megawatt power station at Trombay which supplies power to the company?s licensed area in Mumbai.
Adaro?s shareholders are PT.Dianlia Setyamukti, an Indonesian company (51 percent), Australia?s New Hope Corporation (40.8 percent) and US energy firm Edison Mission. (alex)