Indian Metals and Ferro Alloys (IMFA), the largest producer of ferro chrome in the country, today said it had acquired 70% stake in an Indonesian coal company for $8.75 million (about Rs 39 crore).
"We have completed the acquisition [of the Indonesian coal firm] and we hope to start operations there in late 2012," IMFA Managing Director Subhrakant Panda told PTI.
While declining to name the acquired company, he added that IMFA was yet to carry out a detailed assessment of its reserves and required infrastructure to sustain operations there.
"It has a coal mine in East Kalimantan district of Indonesia but it is not possible for me to tell you the name, its reserves or the proposed investment right now. We are yet to do a detailed assessment," Panda said.
The acquisition has been made through IMFA's Singapore based subsidiary, Ind Met Mining Pte and the detailed assessment will be completed in 6 to 8 months, he further said.
