Thursday, March 17,
Hike in coal prices and shortfall of coal has made India’s power and steel companies to explore its coal assets in overseas.* Monnet Ispat now plans to get its hands on coal mine in Sumatra, Indonesia. Acquisition process is under pipeline and announcement of the coal mine acquisition may come early next week.
Coal from the Indonesian mine will be utilized for Monnet Ispat’s merchant power plant of about 2000 MW. The company is already setting up a 1050 MW plant in Orissa for which the coal will be sourced from its domestic mines. The company forayed into merchant power business through its subsidiary Monnet Power.
Monnet Ispat has been planning a coal acquisition for a long time to keep a control on their coal costs in future.
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