India Cement buys out Coromandel Minerals
Tuesday, November 15 2011 - 08:58 AM WIB
The India Cements Limited, an Indian cement maker, said it has spent US$5 million to purchase 70.11 million ordinary shares of Coromandel Minerals Pte Ltd (CMPL), Singapore, representing 99.99 percent of CMPL?s outstanding share.
The acquisition allows the Indian company to have access to Indonesian coal production. CMPL recently acquired a coal concession in Indonesia and is in an advanced stage of getting various approvals for commencing the mining.
As a result of the share purchase, CMPL becomes subsidiary of Cement India.
The Indonesian firm has initiated steps to create necessary infrastructure ? laying of roads and construction of bridges for facilitating the mining and transportation of coal. Cement India however did not disclose the name and further details of the Indonesian firm. (roffie/romel)