The move is aimed at securing coal supply to its proposed 1,500 mega watt plant in the western coast. The company is looking for locations in Maharashtra and Gujarat for the plant. The infrastructure firm has paid half of the acquisition amount upfront and the balance will be paid after commercial production begins two years from now. Coal from the mine would be shipped to the new plant during the time of power generation.
GMR Infrastructure, the Bangalore-based developer of power plant, airports, roads and urban infrastructure, is understood to be closing in on its second coal mine acquisition in Indonesia. The mine is expected to cost close to $150 million and has reserves of close to 200 million tonne.
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