Tata Power in Rs 1,500-cr pact to sell mine
Tata Power has signed an option deal to sell a 5 per cent stake in Indonesian coal company PT Kaltim Prima Coal (KPC) to a subsidiary of Indonesia´s Bakrie group for about $250 million ( Rs 1,500 crore). The agreement also includes an option to sell its 30 per cent stake in related power infrastructure firms to the same entity. The Bakrie group has interests in infrastructure, telecommunications and plantations. Tata Power had bought a 30 per cent stake in the two thermal coal companies - Kaltim Prima Coal and PT Arutmin Indonesia - for about $1.1 billion.