Videocon conducts due diligence to acquire more coal mines
Tuesday, March 15 2011 - 03:05 AM WIB
The official said that the mine is currently in exploration stage and is preparing to obtain IUP production license from government. ?We expect to start commercial production in 2013,? the official said.
The coal resource from the mine is about 200 million tonnes.
The coal will be supplied to the company?s power plant projects in India, the official said.
The company is also conducting due diligence for further coal acquisition in Kalimantan. ?We are now conducting due diligence in two coal mines in East Kalimantan and a mine in South Sumatra,? the official added.
The official did not give the timeline for the acquisition dateline.
According to Indian media, Videocon is in the process of setting up 6,000 MW of power projects in various parts of the country, including the 1200 MW expansion at Pipavav, 1200 MW each of power projects in Chattisgarh and Kolkatta.
The company has also planned to set up 1200 MW power plants in Maharashtra and West Bengal each and has acquired land for the same. (denny)