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RPower may invest $5 bn to develop Indonesian coal mines

RPower may invest $5 bn to develop Indonesian coal mines
PTI
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First Published: Tue, Aug 24 2010. 06 18 PM IST
Updated: Tue, Aug 24 2010. 06 18 PM IST
New Delhi/Jakarta: Anil Ambani group firm Reliance Power (RPower) is looking to invest about $5 billion for developing coal mines in Indonesia to feed its mega power projects in India.
Reliance Power’s chief executive JP Chalsani on Tuesday met Indonesia’s vice president Boediono in Jakarta to discuss investment in the southern part of Sumatra island, said Boediono’s spokesman Yopie Hidayat.
“The company plans to build a 230 km long railway that will link its coal production base in Batang Hari to a port, which it will also build,” Hidayat was quoted by Bloomberg in a report on Tuesday.
The report said the company may invest $5 billion for developing the mines.
RPower plans to develop three coal mines in south Sumatra from where it targets to produce as much as 50 million tonnes of coal per annum, he added.
However, the company’s spokesperson declined to comment on the development.
The company had informed the Bombay Stock Exchange on 10 June this year that it will buy two Indonesian coal companies through Reliance Coal Resources.
“Reliance Coal Resources Ltd has entered into share purchase agreements with two Indonesian coal firms that own three coal mines there,” RPower had said
The company has not disclosed the financial details of the transaction.
According to the statement, the coal from Indonesia will be used for the Krishnapatnam Ultra Mega Power Projects and other power projects of Reliance Power.
Krishnapatnam UMPP is a 4,000 MW supercritical coal-fired power generation facility.
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First Published: Tue, Aug 24 2010. 06 18 PM IST
More Topics: RPower | Reliance Power | Coal | Indonesia | Power |