Mercator Lines has acquired 50% stake in a coal mine in Indonesia's Kalimanthan province for about $30 million (Rs 145 crore), a top company official said today.
India's second-largest private sector shipping company Mercator Lines also said it planned to list its coal division in London in one year.
"We have acquired 50% stake in a mine in Indonesia's East Kalimanthan, which has reserves of 60 million tonne," Mercator Lines Managing Director Atul Agarwal said.
The company is looking at a production of 3 million tonne coal in a year which it will sell, Agarwal said.
"The total investment in the stake acquisition and development of the block is about $30 million," he added.
About the scheduled production, he said that it was likely to commence from fourth quarter of the current fiscal.
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When asked about plans for listing of its coal division, Agarwal said, "We plan to list it on London Stock Exchange in a year's span."
He said the company might offload a maximum of 30% of stake in its coal division.
The shipping firm has diversified interests ranging from shipping, coal, dredging and offshore oil and gas services and owns coal mines in Indonesia and Mozambique.
The hroup owns and operates a fleet of 18 dry carriers, eight tankers and four dredgers with an aggregate capacity of about 2.41 million DWT.
The company's shares closed flat at Rs 27 on the Bombay Stock Exchange today.