Business Daily from THE HINDU group of publications
Sunday, Aug 13, 2006
Business Daily from THE HINDU group of publications Sunday, Aug 13, 2006 |
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Industry & Economy
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Coal Web Extras - Mergers & Acquisitions Dubai firm to acquire coal mine in Indonesia Our Bureau
Mangalore , Aug. 12 The Dubai-based Coal and Oil Company LLC, which supplies imported coal to various industrial units and power producers in the country, is in the process of acquiring a coal mine in Indonesia. Addressing presspersons here on Saturday, Mr Ahmed A.R. Buhari, President and Chief Executive Officer of Coal and Oil, said: "We are in the process of acquiring our own mines to make sure that there is an assured supply for our customers." Stating that the company wanted to acquire a coal mine in Indonesia, he said it might take at least a year for acquisition. The Rs 1,600-crore company, which sources over 100 varieties of coal from five continents, has alliances with major coal producers.
To ensure minimum disruption in the supply chain, the company has acquired its own bulk carrier — m.v. Coastal Pride. "We also have plans to acquire more such ships for the benefit of our clients," he said.
THERMAL PLANT
To a query on the company's plans for venturing into power production, Mr Buhari said it is looking at establishing a 500-mw coal-based thermal power plant. The company wants to set up the unit in a coastal region in the country, as much as possible. Asked about the likely commissioning of the project, he said the company might take up the project in two to three years.
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