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Jun 14, 2012, 12.55 PM IST | Source: Reuters

Aditya Birla in talks to buy Colombian mines stake for $1bn

Aditya Birla Group is in talks with American thermal coal miner Drummond Company to buy a "significant stake" in its coal mines in Colombia for USD 1 billion, the Financial Express said in a report.

Aditya Birla in talks to buy Colombian mines stake for $1bn

Aditya Birla Group is in talks with American thermal coal miner Drummond Company to buy a "significant stake" in its coal mines in Colombia for USD 1 billion, the Financial Express said in a report.

The telecom-to-cement conglomerate is looking to pick up rights for about 20% to 40% of the coal produced in these mines, the report quoted a source with direct knowledge of the development.

The conglomerate is looking to strengthen its mining business and utilise coal for its captive power plants to make aluminium in India, the report said.

Aluminium maker Hindalco Industries , part of the Aditya Birla Group, has been seeking environmental clearance for mining coal at Mahan in Madhya Pradesh state to feed its captive power plant and a new smelter project.

Reuters could not immediately reach a group spokesman for comments.

Hindalco stock price

On July 28, 2014, Hindalco Industries closed at Rs 187.85, down Rs 3.95, or 2.06 percent. The 52-week high of the share was Rs 198.70 and the 52-week low was Rs 83.05.


The company's trailing 12-month (TTM) EPS was at Rs 6.85 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 27.42. The latest book value of the company is Rs 161.99 per share. At current value, the price-to-book value of the company is 1.16.

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