Adani likely to buy Oz coal firm for Rs 4,200cr

Aug 02, 2010 |

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Aug. 2: Adani Enterprises is likely to buy Australian firm Linc Energy’s coal assets in Queensland for about Rs 4,200 crore, and an official announcement is expected on Tuesday. “The coal deposits have estimated reserves of 1 billion tonnes and would cost the Indian firm an estimated one billion Australian dollars (Rs 4,200 crore),” a source close to the development said.

“Adani needs imported coal to feed its coast-based power projects,” the source said, and added that as part of the deal, the domestic diversified entity will also develop a port in Australia to ship the coal to India. Meanwhile, in a filing to the Australian Stock Exchange, Linc Energy said it “remains in detailed negotiations with a number of parties in relation to the sale of its non-core Queensland coal tenements. We confirm that Adani Enterprises is one of those parties.”

Adani Power is currently working on a 4,620-MW power project at Mundra in Gujarat. “The group will set up another power project near Mundra with a capacity of 3300 MW and has proposed a 2,640-MW project at Dahej, in Gujarat,” the source added.

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