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Indian company Monnet to buy Colombian coal mine

Monday, November 19, 2012

Monnet Ispat and Energy, India’s second-largest coal-based sponge iron producer, is set to acquire majority stake in a coal mine in Colombia.

The acquisition of the 25 million tonne coal mine in the Latin American nation is aimed at feeding the domestic steel and captive power plants of the company.

“Talks are on for the acquisition of a mine in Colombia which has an annual production capacity of 50,000 tonne per annum,” N C Jha, chief executive officer of Monnet’s mining business, said without divulging financial details.

Source: Business Standard