India Cement to acquire Indonesia coal mine

The Financial Express reported on Sunday that India Cements Ltd has decided to acquire a coal mine in Indonesia in the next few months.

"We're in advanced talks with a private coal mine player in Indonesia. We hope to finalize the deal in the next few months," The Financial Express quoted Srinivasan, vice chairman and managing director of India Cements Ltd.

In March, Binani Cement (India) also announced its plan to acquire coal blocks in Indonesia. Last year, Binani also announced a plan to acquire coal mines in Indonesia at a cost of US$50-60 million. The company spends around US$100 million per year on buying coal from international spot market where coal accounts 18-20% of its total costs.

READ MORE!!!