India Firm Goes Down Under

Wednesday, December 15, 2010 @ 06:12 PM gHale


In a move to gather as much energy sources as possible to help fuel growth in India, an Indian infrastructure company purchased a thermal coal mine in Australia.
Lanco Infratech reached a binding purchase agreement with the administrator of the failed Griffin Coal company that operated the mine in Western Australia state.
The price tag for the deal was not immediately available. The coal will fuel power stations in fast-growing India.
The Australian newspaper without citing a source said Lanco paid $836 million (A$850 million), beating out rival bidders from Japan and China.
The mine with an estimated 1.1 billion metric tons of thermal coal produces over 4 million metric tons of coal a year, which can increase to 15 million metric tons, Lanco officials said.
The company said the mine is near two ports and strategically located for India because it is closer than mines in the Australian east coast states of New South Wales and Queensland.



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