NEW DELHI, March 31: India’s Tata Power said on Saturday it is buying 30 per cent stakes in two Indonesian coal producers for $1.1 billion, giving it access to one of the world’s largest exporting thermal coal mines.

Tata Power, part of India’s sprawling Tata Group conglomerate, has signed agreements to purchase 30 per cent equity stakes in PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia (Arutmin) as well as in a related trading company owned by PT Bumi Resources Tbk (Bumi).

The move “secures our fuel requirements in light of aggressive growth plans charted out by the company,” Tata Power managing director Prasad Menon was quoted as saying by the PTI.—AFP