Monnet Ispat and Energy’s wholly owned subsidiary -- Monnet Global (MGL) -- has completed the acquisition of Indonesian Coal Company -- PT Sarwa Sembada Karya Bumi -- at a price of $24 million in Jambi, Indonesia.
The acquisition gives MGL access to one of the largest thermal coal mine spreading over an area of 25,000 hectares. Presently, only 1500 hectares, out of the entire 25,000 hectres, have been explored and the company has been able to establish 65 million tonne of the coal reserves in the mine and expects these reserves to go up substantially after completing exploration of the total land area.
The prestigious Coal Contract of Works (CCOW), also called Peranjinan Karya Pengusahaan Pertambangan Batubara) PKP2B, which was awarded to PT Sarwa by the Government of Indonesia, subsequent to the acquisition, gets transferred to MGL making it to the amongst the very few Indian companies to have CCOW.
MGL, a wholly owned subsidiary of Monnet Ispat, has offices in Dubai, Jakarta and Johannesburg (South Africa) and does all the global acquisition and mergers for the group.
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