Rel Power buys 3 Indonesian coal mines

Written by Agencies | Mumbai, May 2: | Updated: May 2 2008, 16:21pm hrs
Indian utility Reliance Power Ltd said on Friday its unit had signed an agreement to acquire 100 per cent in three coal mines in Indonesia for an undisclosed sum.

It did give further details about the transaction.

Reliance Power, which is part of India's Anil Dhirubhai Ambani group, is building power plants across India using a record $3 billion it raised in January in India's biggest initial public offering.

Its shares made a dismal debut in February and remain below the 450 rupee issue price. At 0602 GMT, they were trading 2.1 per cent higher at 402.70 rupees in a firm Mumbai market that rose 1.1 per cent.