K Sera Sera to spend Rs325cr to buy coal,oil & gas firms’ stake

K Sera Sera to spend Rs325cr to buy coal,oil & gas firms’ stake
PTI
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First Published: Sun, Dec 12 2010. 03 02 PM IST
Updated: Sun, Dec 12 2010. 03 02 PM IST
New Delhi: Film producing company K Sera Sera Productions on Sunday said it will acquire majority stakes in a domestic oil and gas firm and a coal mine in Indonesia for over Rs 325 crore before the end of this fiscal.
“We are at advanced stages for acquiring majority stakes in a coal mine in Indonesia and an oil and gas exploration and exploitation within India. The acquisitions will be completed before the end of the current fiscal,” K Sera Sera Productions chief executive officer Sanjay Gupta told PTI.
Gupta said that the company might have to dole out around Rs 225 crore for picking up the majority stake in the coal mine in Indonesia and around Rs 100 crore for over 50% stake in the domestic oil and gas exploration and exploitation firm.
The coal mine in Indonesia has an expected reserve of 200 million tonnes, which could be mined over a period of 20 years aimed at the international market, he said.
Gupta declined to divulge much details about the domestic entity, but said that the firm is currently doing the job for state-owned Oil and Natural Gas Corporation (ONGC).
K Sera Sera would fund the proposed stakes acquisitions through internal accruals and borrowing from banks and “other” sources.
“Our entry into these verticals are aimed at de-risking ourselves from our existing businesses and seizing the growing opportunities in the fast changing world,” Gupta said.
K Sera Sera Productions had earlier this month acquired five per cent stake in Australia’s Citi Gold Corporation for nearly $6 million from the open market through subsidiary K Sera Sera Holdings.
Citi Gold has a gold resource of 10 million ounce (310 tonnes) and has a market capitalisation of over $113 million.
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First Published: Sun, Dec 12 2010. 03 02 PM IST
More Topics: K Sera Sera | Gas | Oil | Stake Sale | Coal Mines |