Tata Group set to buy KPC, Arutmin shares for $1 billion
Wednesday, December 20 2006 - 01:35 AM WIB
India's Tata Group is currently negotiating with PT Bumi Resources Tbk to buy 35 percent stake in Kaltim Prima Coal (KPC) and PT Arutmin at a cost of US$1 billion, Bisnis Indonesia reported Wednesday.
According to The Economic Times, most probably Tata Group will buy 35 percent stake in the two Indonesian mining companies.
Tata wants to use coal supplies from these two companies for its coal-fired power plant. But Tata's spokesperson declined to comment on the deal.
Besides Tata Group, Mitsubishi Corporation, BHP Billiton -- are also competing to acquire stake in KPC and Arutmin.
Both KPC and Arutmin are owned by PT Bumi Resources Tbk. (*)