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Jun 14, 2012, 12.55 PM IST
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
Reuters could not immediately reach a group spokesman for comments.
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