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Reliance Power buys coal mines in Indonesia: Report

Indian utility Reliance Power has signed an agreement with Indonesia's Sugico Group to acquire three coal mines for an upfront payment of 5 billion rupees ($106 million), the Economic Times reported today.

business Updated: Jun 10, 2010 10:27 IST
Reuters

Indian utility Reliance Power has signed an agreement with Indonesia's Sugico Group to acquire three coal mines for an upfront payment of 5 billion rupees ($106 million), the Economic Times reported on Thursday.



The total value of the deal will rise to $1.6 billion if all production-linked targets are met and Reliance Coal Resources, a fully owned unit of Reliance Power, will make the payment in stages, the newspaper said, without citing any source.



Officials at Reliance Power could not immediately be reached for comment.

First Published: Jun 10, 2010 10:20 IST