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Tata Power Company update on PT Arutmin Indonesia

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Tata Power Company announced that 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.

Currently, this investment is held for sale as Bhira Investments, 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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 05 2020. 16:09 IST