Tata Power buys stake in Indonesia coal miner
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)
Trending On Reuters
Top India News
Prime Minister Narendra Modi has asked for a drastic cutback of an ambitious health care plan after cost estimates came in at $18.5 billion over five years, several government sources said, delaying a promise made in his election manifesto. Full Article