Tata Power acquires 26 per cent stake in Indonesian mining firm BSSR
08 Nov 2012
Integrated power producer Tata Power has acquired a 26 per cent stake in Indonesian mining firm PT Baramulti Suksessarana. Tata Power made the acquisition through its 100 per cent arm Khopili Investments Ltd, the company said in a release today.
With the acquisition, Tata Power said it is now a 26 per cent shareholder in BSSR, a listed company on the Indonesian Stock Exchange.
The company did not disclose the value of the acquisition.
BSSR and its 100 per cent subsidiary, PT Antang Gunung Meratus together own approximately 1 billion tonnes of coal resources in South and East Kalimantan in Indonesia.
PT Antang Gunung Meratus had earlier signed a long-term coal supply agreement with Tata Power.
''We recognise fuel security is key to support Tata Power's growth agenda. Thus, besides entering into coal off-take agreement, we have acquired 26 per cent stake in this coal mine too as its reserves and outlook is very promising,'' Tata Power managing director Anil Sardana said.
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