India’s largest private power utility company, Tata Power Company Limited, has signed definitive agreements to purchase 30% equity stakes in two major thermal coal producers in Indonesia. The companies are PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia and the package includes a related trading company –all owned PT Bumi Resources Tbk.
For its part Tata Power has signed an off-take agreement with KPC that entitles the former to purchase about 10 million tonnes of coal per annum, linked to the purchase deal. This deal is logistically useful for Tata Power to leverage their upcoming power projects in the West Coast of India consisting of 7,000 MW to be developed over the next 5 years, and requiring approximately 21 million tonnes of imported coal that Tata Power intends to secure through a combination of purchasing equity shares in coal mines besides entering in to of-take agreements.
Sourceindiaproperty.com
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