GMR to sell 30% coal stake in mines in Indonesia

PT Golden Energy Mines Tbk (PT GEMS), a retiring subsidiary of GMR Power and Urban Infra, said on Wednesday that it has entered into definitive agreements to sell PT Radhika Jananta Raya a 30 percent ownership investment in exchange for $420 million and deferred consideration. In Indonesia, five coal mining concession areas are owned and operated by PT GEMS, a company that operates bituminous coal mines there.

A subsidiary of Indonesia-based integrated energy strategic investment company PT ABM Investama Tbk (ABM), PT Radhika Jananta Raya provides integrated mining solutions across the mining value chain. At closing, GCRPL will receive a gross amount of $420 million.

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