GVK Power in talks to buy MEC's Indonesian coal mine

Indian firm GVK Power and Infrastructure is in talks with MEC Coal , a firm based in the Gulf, to buy the latter's coal mines in Indonesia, though it would be a while before a deal can be inked, the DNA reported on Thursday.

"We are talking to them (MEC). The valuations are still to be worked out. But our talking to them does not mean we will close the deal," the report quoted Isaac George, GVK's chief financial officer, as saying.

"It all depends on valuations and pricing. We can't set a timeframe for the talks yet."

MEC is developing a coal mine in East Kalimantan and a railway line to transport the coal to port. (*)