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Corporate
Adhunik group plans jt venture for coal mining in Australia

KOLKATA: The Rs 600-crore Adhunik group is planning to acquire coal equity and form a joint venture for coal mining in Australia for assured supply of critical raw material -- coking coal for its steel plants. The group has estimated an investment of Rs 100 crore for captive coal and iron-ore mines to create the required backup for assured supply of the raw material. The investment would be in addition to the proposed Rs 440 crore for Rourkela company, Adhunik Metaliks Ltd's expansion programme.

"We are holding negotiations with Australian mining companies to form a joint venture to develop virgin coking coal mines in Australia," Adhunik group director Nirmal Agarwal told PTI. "We will buy small stake (10-15 per cent) in an existing mine for ass ured supply of coking coal. We think the total investment for Australia would be Rs 50 crore," Mr Agarwal said.

Adhunik group will soon have two captive iron-ore and coal mines in Orissa and Jharkhand. The total capacity of both iron-ore and coal captive mines would be around 100 million tonnes. - PTI

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