GMR Energy To Invest In Sinar Mas Unit

GMR Energy, a subsidiary ofGMR Infrastructure, has agreed to take a 30% stake inT Golden Energy Minesin Indonesia,Economic Timesreports. The $450 million to $550 million stake in theSinar Masunit will help GMR purchase coal over the next 25 years.

The annual off-take quantity of coal is expected to steadily increase to 10 million tonnes over the next few years. The acquisition will be funded through a combination of debt and internal accruals made through an offshore special purpose vehicle in Singapore.

Click here for the story fromEconomic Times.