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Reliance Power acquires 3 coal mines in Indonesia

Reliance Power acquires 3 coal mines in Indonesia
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First Published: Fri, May 02 2008. 01 34 PM IST
Updated: Fri, May 02 2008. 01 34 PM IST
PTI
New Delhi: Anil Ambani Group firm Reliance Power Ltd today said it has acquired three coal mines in Indonesia with total reserves of two billion metric tonne.
The acquisition was done by its wholly-owned subsidiary Reliance Coal Resources Pvt Ltd (RCRPL), which plans to invest Rs 2,400 crore in mine and related transportation infrastructure to take the capacity of these mines to over 25 million metric tonne per annum.
“Reliance Coal Resources has acquired 100 per cent economic interest in three coal concessions in Indonesia,” Reliance Power said in a filing to the Bombay Stock Exchange.
RCRPL has acquired Srivijaya Bintangtiga Energy, Bryayan Bintangtiga Energy and Sugico Pendragon Energy in the South Sumatra area of Indonesia spread over an area of 40,000 hectares.
The coal from the mines would be supplied to Reliance Power’s 4,000-MW Ultra Mega Power Project at Krishnapatnam in Andhra Pradesh and also to the Shahapur power project in Maharashtra.
As per the agreement, payment for the acquisition is linked to the actual production of coal.
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First Published: Fri, May 02 2008. 01 34 PM IST