Monnet Ispat arm acquires coal mine in Indonesia

Monnet Ispat and Energy Ltd through its 100 subsidiary Monnet Global Ltd has completed the acquisition of Indonesian Coal Company-PT Sarwa Sembada Karya Bumi, at US$24 mn in the Jambi province of Sumatra, Indonesia.

The acquisiton gives MGL, access to one of the largest Thermal Coal Mine spreading over an area of 25,000 hectares.

Sandeep Jajodia, Executive Vice Chairman and Managing Director, Monnet Group said, "The acquisition of the Indonesian Coal Company PT Sarwa is of strategic importance for the group as the logistic of the mine is excellent and being located in Sumatra, the shipping cost and low transit time to India will make the cost effective. Source: Indiainfoonline