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PTC India Ltd has revived its plans to acquire small coal mine in Indonesia.
This would be the company's fourth attempt, as previous projects were not given a go-ahead by its board.
Mr Tantra Narayan Thakur, Chairman and Managing Director, PTC India, said the company is trying to rope in a partner, which may be an Indian player or local company in Indonesia.
“The partner should have experience of mining coal block,” Mr Thakur told Business Line .
The primary reason for the board to not give a go-ahead was ‘sense of insecurity', Mr Thakur said.
The company had identified coal blocks in Indonesia and Australia for acquisition.
The proposals were placed before the company board. However, the board could not arrive at a consensus.
Acquiring assets
PTC has earmarked Rs 300 crore for acquiring coal asset.
“The partner will also pour in equity and if needed, PTC would raise debt for the acquisition,” Mr Thakur replied when asked if Rs 300 crore is sufficient for buying coal assets.
He said PTC is not looking at big mines. PTC India wants to bring the coal to India for selling it to power plants.
At the same time, PTC India targets to import two million tonnes in the current financial year to meet increasing fuel demand in the country. In 2011-12, PTC India imported 420,000 tonnes.
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