Gremach bags 75pc stake in Mozambique coal mines

Subscribe to Oneindia News

New Delhi, Sept 25: Gremach Infrastructure Equipments&Projects Ltd today said it has acquired 75 per cent stake in 11 coal mine licenses in Mozambique.

The coal mines having an aggregate 13,520 hectares is located in the prime region of Moatize.

The company is planning to start prospecting of the area next month and will be completed by mid 2008, a statement said.

The expected reserves in the mines are more than 200 million.

With this acquisition, the company has entered into the list of selected club of few Indian Companies like JSW, Tatas and Gujarat NRE Coke which has mines outside India.

JSW group, Ispat Industries and Tata Steel have recently made acquisition of coal mines in Mozambique. Tata Steel has acquired 35 per cent stake in Australian firm Riversdale Mining Ltd's Coal Project in Mozambique for Australian 100 million dollars.

UNI

Please Wait while comments are loading...