Moneycontrol
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.

Sections
Follow us on
Available On