India cos to buy stake in Indonesia coal mine -paper
NEW DELHI, Aug 19 (Reuters) - Local engineering firm Subhash Projects and Marketing Ltd (SUBH.BO: Quote, Profile, Research) and power equipment maker Emco Ltd (EMCO.BO: Quote, Profile, Research) will jointly buy an 83 percent stake in Indonesian coal mine PT Bism, a newspaper reported on Tuesday.
The deal to buy a majority stake in the mine, which holds reserves of about 105 million tonnes, will be closed in a month's time, the Mint newspaper said, quoting Subhash Projects chairman Anil Sethi.
The coal would initially be sold to Indian clients until a 2,200 MW power project could be set up on India's east coast, the paper said, adding the location of the plant was yet to be identified. (Reporting by Nidhi Verma; Editing by Charlotte Cooper)
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