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.

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.

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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.