Saturday, May 7, 2011

International Coal Ventures plans to acquire stake in MEC Coal

International Coal Ventures Ltd (ICVL) is planning to acquire stake in Singapore-based MEC Coal,(Madhu Koneru Executive Vice Chairman) according to a report.

The report stated that ICVL was looking at 24% stake in the MEC Coal for about US$200 mn.

Through its subsidiary PT Tekno Orbit Persada, MEC Coal is developing two coal mines in Indonesia's East Kalimantan, with an estimated reserves of 1.5-2 billion tonnes, says report.
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