India Cements captive mine to be ready by Jan

Chennai : ndia Cements has acquired a coal mine in Indonesia, which is expected to go on stream by January 2012, for $20 million. The company is also in the process of setting up a 50 Megawatt power plant near Tirunelveli in Tamil Nadu.

The coal mine acquisition is part of its plan to integrate its supply chain and to reduce exposure to the fluctuating coal price internationally.

“The coal mine acquisition is a strategic decision, it will reduce our exposure to the fluctuating coal price internationally," said N Srinivasan, vice chairman and managing director, India Cements.