"Gautam Adani-led Adani Enterprises Ltd. (AEL) on Tuesday entered into a pact with Australia's Linc Energy to buy the latter's coal assets for Australian dollar 500 million (about Rs.2,100 crore).
In addition, Adani will pay a royalty of A $2 on every tonne of coal mined over the next 20 years to the Australian miner, under the purchase agreement inked by its subsidiary, Adani Mining Pty.
The royalty payments are estimated at A $2.5 billion (about Rs.10,500 crore), taking the overall deal size to Rs.12,600 crore.
“We were in search of coal mines to enable the rapid expansion of the power business of Adani Power in India while also expanding AEL's coal business, where we are the largest importer of thermal coal,” AEL CFO Devang Desai told reporters here.
“As per our Vision 2020 development plan, we aim to increase our power generation capacity from 13,000 MW to 20,000 MW,” Mr. Desai said.".....................
In addition, Adani will pay a royalty of A $2 on every tonne of coal mined over the next 20 years to the Australian miner, under the purchase agreement inked by its subsidiary, Adani Mining Pty.
The royalty payments are estimated at A $2.5 billion (about Rs.10,500 crore), taking the overall deal size to Rs.12,600 crore.
“We were in search of coal mines to enable the rapid expansion of the power business of Adani Power in India while also expanding AEL's coal business, where we are the largest importer of thermal coal,” AEL CFO Devang Desai told reporters here.
“As per our Vision 2020 development plan, we aim to increase our power generation capacity from 13,000 MW to 20,000 MW,” Mr. Desai said.".....................
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