India’s Mercator Lines buys 50% in Indonesia coal mine

Monday, 26 September 2011 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Mercator Lines Ltd said last week its Singapore based unit has acquired 50 per cent stake in a coal mine concession in East Kalimanthan, Indonesia.

Mercator’s statement to the stock exchange did not disclose more details on the acquisition.

A concession is a business operated under a license within a certain geographic area with exclusive rights.

Earlier, a top Mercator official had told Reuters the firm was close to buying a coal mine in Indonesia for about $25-$30 million. .

Mercator, India’s second largest private shipping firm, diversified into coal mining four years ago and is increasing the contribution of the coal division to offset a slowdown in the shipping industry.