Tata Power is mulling divest 8-10 per cent of its stake in two coal mines in
Indonesia for $300 million (approx Rs 1,350 crore).
The proposed stake is likely to be sold to Olympus Capital India, a private
capital firm.
In 2007, Tata Power had acquired a 30 per cent stake in two coal mines and a
coal trading company, all promoted by PT Bumi Resources Tbk, in Indonesia for
$1.1 billion (approx Rs 4,950 crore).
The current annual mining capacity at the Indonesia mines is 60 million tonne
and Tata Power imports one million tonne from there for its plant at Trombay
near Mumbai. The company also plans to source 12 million tonne of coal for its
4,000 MW
ultra mega power project in Mundra in Gujarat from the PT Bumi mines.