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 Group is in talks with American thermal coal miner Drummond Company
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.
Hindalco stock price
On September 19, 2014, Hindalco Industries closed at Rs 164.30, up Rs 1.25, or 0.77 percent. The 52-week high of the share was Rs 198.70 and the 52-week low was Rs 96.95.
The company's trailing 12-month (TTM) EPS was at Rs 6.13 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 26.8. The latest book value of the company is Rs 177.88 per share. At current value, the price-to-book value of the company is 0.92.
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