Mumbai (ANTARA News/Thomson Financial) - Power Trading Co. India Ltd. (PTC) plans to
spend 3 billion rupees buying coal mines in Indonesia over the next year, said the Daily News and Analysis newspaper, citing PTC chairman and managing director Tantra Narayan Thakur.
"We have been working on the foray for the last two years and, of late, have also identified a few prospective mines," Thakur said. "One of the mines is under detailed study."
PTC India will also float a subsidiary in a joint venture with Singapore-based Asian Infratech by the end of May 2008 and will invest 3 billion rupees as its share of investment, the newspaper said.
The subsidiary, which will be a special purpose vehicle, in which each company will hold 50 percent stake, will bid for coal mines in Indonesia, the newspaper said.
At 11:08 a.m., PTC shares were down 1.13 percent at 96.50 rupees on the Bombay Stock Exchange and the benchmark Sensex was down 0.13 percent at 17,059.02 points. (*)