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)
© Thomson Reuters 2009 All rights reserved
One Year Later
Mumbai held tearful memorials and police staged a show of strength as it marked the first anniversary of militant raids that killed 166 people and pushed up tensions with Pakistan. Slideshow | Full Coverage
Liberhan Commission Report
The government published a long awaited report, recently leaked, accusing BJP leaders of a role in the 1992 destruction of the Babri mosque in Ayodhya. Full Article
