Aditya Birla's subsidiary may buy coal mine in Indonesia: Report
Wednesday, August 16 2006 - 12:49 AM WIB
Essel has shortlisted about a dozen mines in the country, for which it is willing to spend $80-150 million, Indian-based financial daily Business Standard said.
The company has shortlisted about 2-3 investment banks to advise it in the the acquisition process and will choose its partner in the next couple of weeks.
?The Aditya Birla group is actively seeking to acquire a coal mine in Indonesia and will appoint an investment bank to advise us in the acquisition in the next couple of weeks. We have identified about a dozen mines and the mandate to the bank would be to complete the acquisition process in the next six months,? Aditya Birla group executive president and business head Ravi Kastia told Business Standard.
?We are looking to service export markets like India, South Korea and Japan from this acquisition but a lot depends on what kind of mine we get. If it is a coking coal mine, then the opportunities are broader but if it is merely a thermal coal mine then our options may narrow down.?
The Aditya Birla Group already has five entities in Indonesia that are primarily involved in the production of yarns, viscose staple fibres and carbon disulphide. (*)