GMR to buy Indonesian coal mine

GMR to buy Indonesian coal mine

Indian firm GMR Infrastructure, which has interests in power generation, airports, roads and urban infrastructure, is set to acquire a coal mine in Indonesia, India?s Business Standard reported Thursday.

The report said the undisclosed mine has reserves of 110 million tones.

Sources in the company indicate that they had initially agreed at a price of US$100 million for the, but are negotiating to bring down the cost by 10-15 per cent due to the current downturn in the global economy.

GMR Energy is the operational arm executing the projects and is understood to have lined up various projects with an estimated capacity of 3,300 MW over a period of time.(*)