GMR will sell its 30% stake in a coal mining company in Indonesia for more than $420 million
PT Golden Energy Mines Tbk (PT GEMS), a step-down subsidiary of GMR Power and Urban Infra Limited, stated on Wednesday that it has entered into definitive agreements to sell PT Radhika Jananta Raya a 30% ownership investment in exchange for USD 420 million and deferred consideration.
In Indonesia, five coal mining concession areas are owned and run by PT GEMS, a company that operates bituminous coal mines there. A subsidiary of Indonesia-based integrated energy firm for strategic investment PT ABM Investama Tbk (ABM), PT Radhika Jananta Raya offers integrated mining solutions for the whole mining value chain. “On closing, GCRPL will receive a gross consideration of USD 420 million.
