Indian steelmaker in talks to acquire coal mines in Indonesia
Monday, October 3 2005 - 01:51 AM WIB
"A few mine companies have been shortlisted and currently negotiations are on to reach right valuations," a company official said.
The company was open about forming joint ventures or to takeover complete management of the mines, which will help in meeting its future raw material requirements.
The company is in the process of setting up a steel plant in Orissa, which consists of 150,000 tonnes per annum of ferro chrome, 40,000 tpa of ferro manganese and 60,000 tpa of silico manganese, besides a 300,000 tpa coke oven battery and a waste heat recovery power plant expected to produce 38 MW.
As part of the project, the company will install 250 MW captive thermal power plant and the acquisition of the mines is being looked to meet its requirement.
Jindal Stainless had last year acquired a plant in Indonesia for US$35 million and acquiring a mine in the country would make logistical sense for the company.(*)