India Cements to acquire Indonesia coal mine: Report

India Cements is set to acquire a coal mine in Indonesia for around $20 million under a develop, operate and market mechanism, Business Standard of India reported.

Vice chairman and managing director N Srinivasan said the company would sign the agreement in two weeks. The mine would be for captive purpose.

He did not specify the name of the mine, but he said initially, it would produce 40,000-50,000 tons a month and this would be ramped up to 100,000 tons after one year. The company?s present requirement is around 800,000 tons of coal per annum for cement alone.

The company imports around 600,000 tons of coal every year, he said. (*)