Binani hopes to buy Indonesian coal mine in 2-3 months

Indian firm Binani Cement is hopeful of concluding the transaction for coal mine acquisition in Indonesia in the next two to three months, PTI reported Tuesday.

"We are still negotiating, but hope to conclude the deal in the next two to three months," Binani Cement Managing Director Vinod Juneja told PTI.

Binani Cement, which has 6 million tonnes installed capacity now, needs to import 6-7 million tonnes of coal to feed its plants in a year.

The company also plans to put up a 2.5 million tonnes per annum clicker plant in Gujarat and is awaiting for the state government's mining policy to take the plan forward.

Juneja said the company was looking to acquire a mine, which might meet 70-80 per cent of its total coal demand for 10-20 years.

Binani Cement plans to put up a subsidiary in Singapore which would take the company's acquisition plan forward, he said.(*)