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Adani signs deal to set-up rail, port and power projects in Indonesia

Adani signs deal to set-up rail, port and power projects in Indonesia
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First Published: Tue, Jan 25 2011. 06 30 PM IST
Updated: Tue, Jan 25 2011. 06 30 PM IST
Ahmedabad: Adani Enterprises Ltd (AEL), the flagship company of Ahmedabad-based Adani Group on Tuesday announced that the company has signed a tripartite agreement with the Regional Government of Sumatra Selatan, and PT Bukit Asam Tbk, a Government of Indonesia coal mining company for setting up a rail and port project in Indonesia.
Adani Group chairman Gautam Adani signed this pact with Alex Noerdin, Governor of the South Sumatera province, and Sukrisno, president director, PT Bukit Asam Tbk in the presence of the Indonesian President Susilo Bambang Yudhoyno.
This agreement is pursuant to a tripartite memorandum of understanding signed in August 2010. The project involves construction of a 250 km railway line and port infrastructure by Adani needed for the transportation and ship loading of upto 60 million metric tonnes of coal, the firm said in a statement today.
The project cost is estimated at $1.65 billion (Rs7,555.67 crore). The project will be executed by PT Adani Global, a step-down subsidiary of AEL, over a period of 48 months, the firm said.
AEL also signed a memoranda of understanding with Indonesia for exploring thepossibility of setting up a 2 x1100 or 3X660 MW lignite based power plant in Indonesia.
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First Published: Tue, Jan 25 2011. 06 30 PM IST