14 JUN, 2012, REUTERS
MUMBAI: Aditya Birla Group is in talks with American thermal coal miner Drummond Company to buy a "significant stake" in its coal mines in Colombia for $1 billion, a newspaper report said.
The telecom-to-cement conglomerate is looking to pick up rights for about 20 per cent to 40 per cent of the coal produced in these mines, the report quoted a source with direct knowledge of the development.
The Indian conglomerate is looking to strengthen its mining business and utilise coal for its captive power plants to make aluminium in India, the report said.
Aluminium maker Hindalco Industries, part of the Aditya Birla Group, has been seeking environmental clearance for mining coal at Mahan in Madhya Pradesh state to feed its captive power plant and a new smelter project.
A group spokesman could not be immediately reached for comments.
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