Tata Power buys stake in Indonesia coal miner

MUMBAI Thu Nov 8, 2012 6:07pm IST

Related Topics

Stocks

   
Rajalakshmi (C), 28, smiles after winning the Miss Wheelchair India beauty pageant in Mumbai November 26, 2014. REUTERS/Danish Siddiqui

Miss Wheelchair India

Seven women from across India participated in the country's second wheelchair beauty pageant, which aims to open doors for the wheelchair-bound in modelling, film and television, according to organisers  Slideshow 

MUMBAI (Reuters) - Tata Power (TTPW.NS) has bought a 26 percent stake in Indonesian coal producer Baramulti Sukses Sarana (BSSR.JK), which owns about 1 billion tonnes of coal resources in the South East Asian country, as it seeks to secure fuel supplies.

The financial terms of the deal were not available.

Tata Power, which co-owns two mines in Indonesia along with Bumi Plc BUMIP.L, is already in a long-term coal supply agreement with a unit of Baramulti Sukses Sarana (BSSR.JK) .

"This acquisition would aim to support our power generation projects in select geographies, to be developed over the next few years," Anil Sardana, managing director at Tata Power, said in a statement.

Coal accounts for two-thirds of power production in India, which is struggling to meet the demands of a fast-growing economy and increasingly affluent population of around 1.2 billion people. (Reporting by Aradhana Aravindan)

FILED UNDER:

SAARC Summit

REUTERS SHOWCASE

E-Commerce Boom

E-Commerce Boom

Online grocers come up trumps in India's e-commerce boom   Full Article 

Reuters Poll

Reuters Poll

GDP growth to slow to 5.1 pct, but no rate cut yet  Full Article 

Oil Prices Fall

Oil Prices Fall

Oil at four-year low as OPEC production cut looks unlikely  Full Article 

Hughes Dies

Hughes Dies

Australia batsman Hughes passes away aged 25  Full Article 

Google in Europe

Google in Europe

Insight - Behind Google's Europe woes, American accents  Full Article 

India-focused Funds

India-focused Funds

India-focused hedge funds up over 40 pct YTD - HFR  Full Article 

Trade Deal

Trade Deal

WTO postpones trade deal by a day after last-minute objection.  Full Article 

Land Disputes

Land Disputes

Disputes over land for industry on the rise in India, angering locals - charities  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage