The Tata Power Company Limited updates on Indonesia Coal Mine

PT Arutmin Indonesia (Arutmin) has secured the first extension of the Coal Contract of Work (CCoW) in the form of the Special Mining Business Permit (IUPK) by virtue of a Decree of Minister of Energy and Mineral Resources of the Republic of Indonesia.

This IUPK is granted for an initial period of 10 (ten) years up until 1st November 2030 and is extendable in accordance with the provisions of the applicable regulations. This extension confers certainty of the mining operations while certain terms of the extension are subject to implementation of other regulations.

The Company owned 30% stake in Arutmin through its subsidiary, Bhira Investments Pte. Limited. Currently, this investment is held for sale as Bhira Investments Pte. Limited, has entered into an agreement to sell its entire stake in Arutmin and associated companies in coal trading and infrastructure. The sale transaction is awaiting closure due to pending receipt of part sale consideration.

Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.55.3 as compared to the previous close of Rs. 53.25. The total number of shares traded during the day was 1715398 in over 2643 trades.

The stock hit an intraday high of Rs. 55.8 and intraday low of 53.5. The net turnover during the day was Rs. 93194483.

Source : Equity Bulls

Keywords