GMR Energy, a subsidiary of GMR Infrastructure, has agreed to take a 30% stake in T Golden Energy Mines in Indonesia, Economic Times reports. The $450 million to $550 million stake in the Sinar Mas unit will help GMR purchase coal over the next 25 years.
The annual off-take quantity of coal is expected to steadily increase to 10 million tonnes over the next few years. The acquisition will be funded through a combination of debt and internal accruals made through an offshore special purpose vehicle in Singapore.
Click here for the story from Economic Times.