Oswal eyes Indonesian coal acquisitions

Indian firm Oswal Chemicals and Fertilisers (OCFL), part of Abhay Oswal-led Oswal group, has initiated talks with three separate Indonesian coal firms to acquire thermal coal reserves, said a person who is mediating the deal as quoted by The Economic Times of India.

The deal, if successful, could cost the company anywhere between US$30 million and $50 million.

Australia-based consulting firm Hindustan Global Resources (HGR), which is also engaged in exploration and mining business, is negotiating on behalf of the Indonesian firms. Once the deal is finalised, HGR will provide the mining equipment besides exploring and developing coal mines for OCFL.

HGR vice-president Amar Bhasin said that among the coal blocks offered to OFCL are Truba mine in South Sumatra with coal reserves of 140 million tonne and East Kalimantan-based PT ACK with reserves of 100 million tonnes.

The Indian firm already has access to 2,000 hectare of coal concession in Indonesia, the report said.(*)