GVK Power and Infrastructure is in talks with MEC Coal, a firm based in the Gulf, to buy the latter's coal mines in Indonesia, though it would be a while before a deal can be inked, a newspaper daily reported on Thursday.
"We are talking to them (MEC). The valuations are still to be worked out. But our talking to them does not mean we will close the deal," the report quoted Isaac George, GVK's chief financial officer, as saying.
"It all depends on valuations and pricing. We can't set a timeframe for the talks yet."
MEC Coal, a joint venture between MEC and the Emirati government of Ras Al Khaima, is developing significantly large coal mines in Asia, the report said.
