GMR to sell 30% coal stake in mines in Indonesia

PT Golden Energy Mines Tbk (PT GEMS), a step-down subsidiary of GMR Power and Urban Infra, stated on Wednesday that it has entered into definitive agreements to sell PT Radhika Jananta Raya a 30 per cent ownership investment in exchange for $420 million and deferred consideration. In Indonesia, five coal mining concession areas are owned and run by PT GEMS, a company that operates bituminous coal mines there. A subsidiary of Indonesia-based integrated energy firm for strategic investment PT ABM Investama Tbk (ABM), PT Radhika Jananta Raya offers integrated mining solutions for the whole mining value chain. On closing, GCRPL will receive a gross consideration of $420 million. Also read: Vikram Solar unveils mono PERC bifacial solar modulesAdani Electricity to spend Rs 5 bn on Mumbai smart metering