Mumbai: Mercator Lines Ltd said on Wednesday its Singapore based unit has acquired 50% stake in a coal mine concession in East Kalimanthan, Indonesia.
Mercator’s statement to the stock exchange did not disclose more details on the acquisition.
A concession is a business operated under a license within a certain geographic area with exclusive rights.
Earlier this week, a top Mercator official had told Reuters the firm was close to buying a coal mine in Indonesia for about $25-$30 million.
Mercator, India’s second largest private shipping firm, diversified into coal mining four years ago and is increasing the contribution of the coal division to offset a slowdown in the shipping industry.
Mercator Lines shares ended flat at Rs26.55 in a weak Mumbai stock market.