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Coal India to invest $3 bln in Indonesian coal, steel

Coal India to invest $3 bln in Indonesian coal, steel
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First Published: Thu, Apr 14 2011. 06 29 PM IST
Updated: Thu, Apr 14 2011. 06 29 PM IST
Jakarta: Coal India, India’s biggest coal producer, plans to invest up to $3 billlion in a coking coal mine, steel plant and a seaport on Indonesia’s Kalimantan island, Agustin Teras Narang, the Central Kalimantan governor, said on Thursday.
Narang told Reuters on the sidelines of an infrastructure summit in Jakarta that Coal India was expected to complete feasibility studies in June in order to know what coal reserves they could develop.
“They (Coal India) will prepare all the funds for the projects,” Narang said, adding that the parties had signed a preliminary agreement earlier this year.
However, the lack of a regulatory framework on land acquisition has made a lot of Indonesian projects uncertain, analysts and investors said during the three-day summit.
Central Kalimantan province has about 4.8 billion tonnes of coal reserves and coking coal is estimated to represent around 40% of that.
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First Published: Thu, Apr 14 2011. 06 29 PM IST