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PT Kaltim Prima Coal (KPC), which is 30 per cent owned by a wholly-owned subsidiary of Tata Power, has been granted a special mining business permit (IUPK) by the head of Indonesia’s Investment Coordinating Board.
Bhira Investments Pte is the wholly-owned subsidiary of Tata Power that has a stake in KPC.
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Better coordination among the various ministries and further reforms are needed to enhance supply and reduce price volatilityThe permit is for an initial period of 10 years, up to December 31, 2031, and can be extended under applicable regulations. This extension confers certainty on the mining operations and supply of coal.
These strategic assets help Tata Power hedge against imported coal price, the company said in a statement.
Praveer Sinha, CEO and MD, Tata Power, said, “We are thankful to the Indonesian government for trusting PT KPC through the renewal of our special mining business permit for coal. This will ensure a robust coal supply chain for our imported coal-based thermal plants, resulting in the generation of reliable power to meet India’s energy demands.”
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