August 22, 2008

PTC begins due diligence for coal mines in Indonesia

It is reported that PTC India is identifying coal mines overseas and has started due diligence to buy stakes in them.

Mr TN Thakur CMD of PTC India in an exclusive interview with CNBC TV18 said that "We have identified some coalmines in Indonesia for import, so that we can provide to our prospective developers power on a long term basis.”

Mr Thakur informed that “We have already begun the process of due diligence on coal. Now, we have to form a company outside India for investment into their coal companies in Indonesia. That process is on and we hope to complete it in about 3 to 5 months time.”