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India's Aditya Birla in $1 billion Colombia coal talks

Thursday, June 14, 2012

India's Aditya Birla Group is in talks with American thermal coal miner Drummond Company to buy a "significant stake" in its coal mines in Colombia for $1 billion, the Financial Express said in a report.

The telecom-to-cement conglomerate is looking to pick up rights for about 20 to 40 percent of the coal produced in these mines.

The Indian conglomerate is looking to strengthen its mining business and utilize coal for its captive power plants to make aluminum in India, the report said.

Source: Reuters