Mumbai (ANTARA News/Thomson Financial) - India's Binani group is in advanced talks with Indonesia's largest coal producer PT Berau to buy a coal mine for more than 4 billion rupees (about $100 million), the Economic Times reported citing sources close to the development.
The report said the acquisition will help Binani feed its growing cement operations.
"I can't say which company we are talking to, but it is part of our plan to own raw materials," it also quoted Binani managing director Vinod Juneja as saying.
PT Berau, a joint venture between PT Armadian Tritunggal, the Netherlands' Dan Rognar Holding and Japan-based Sojitz Corp., has coal mining operations in Indonesia with an annual coal production of about 40 million tonnes.
The Indian cement industry requires 25 million tonnes of coal every year out of which 11 million tonnes are imported.
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