Tata Power wins bid to buy KPC, Arutmin

Indian company Tata Power Co has reportedly won the bid to buy 30 percent stake in PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia for a price of $1.7 billion, Investor Daily reported Friday.

Energy resources firm PT Bumi Resources Tbk is the holding company of KPC and Arutmin.

Reliance Energy was Tata?s strong contender to takeover KPC. Tata?s other rivals are Glencore International AG (Switzerland), KEPCO (South Korea), Mitsubishi (Japan) and BHP Billiton (Australia).

?But in the process, Tata Power has succeeded in beating Reliance Energy, as well as BHP and Mitsubishi,? the source told Investor early this week.

Bumi?s director of finance Eddie J. Soebari said that he did not want to comment the issue. According to Eddie, Bumi will announce soon about the sale of KPC.

?We expect it (will be) in the middle of March 2007. The sale (of KPC)is still in progress. When completed, within two days we have to inform the public investors about it to comply with the capital market regulations,? Eddie said. (*)