Reliance Power Buys 3 Coal Mines in Indonesia

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Anil Ambani controlled Reliance Power Ltd has acquired three coal mines in Indonesia in an attempt to produce power at a cheaper cost. Coal from Indonesian mines will be used for power generation in Maharashtra and Andhra Pradesh.

The company, however, has not disclosed the valuation for the acquisitions. A Reliance Power release said the company plans to invest $1 billion (Rs. 4,100 crore) for the expansion of these mines.

The announcement had little impact on the company’s share price, which closed at Rs. 396.75, up 0.62 percent, on the Bombay Stock Exchange on Friday when the benchmark Sensex was up 323.96 points to close at 17611.27. Read more

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Tags: analyst working, anil ambani, coal mines, dollar, indonesia, power shortage scenario, reliance power, rpower, senex