Adani to buy Australia's coal Seam

Adani Group Ltd is set to announce it has bought a coal tenement in Queensland's Galilee Basis from Australia's Linc Energy Ltd.

 The deal could be worth more than 1 billion Australian dollars ($900 million) and be the first time an Indian company has bought a coal seam rather than invested in a coal mining company.


Adani is India's largest coal importer and a key player in India's plans to double power generation over the coming decade. There are 28 coal-fired plants under construction and another 28 on the drawing board.



The bid would be from subsidiary Adani Enterprises and is expected to be signed on Tuesday, The Australian newspaper reported.


Credit:
http://www.hindustantimes.com/India-s-Adani-eyes-Australia-s-coal-reserves/Article1-581085.aspx