It is reported that Binani Cement Ltd is planning to acquire coal assets in Indonesia.

Mr Vinod Juneja MD of Binani Group of Industries on the sidelines of the AGM said that "We are negotiating to acquire coal assets in Indonesia. We are trying to acquire coal mines near ports.”

Mr Juneja said that the company was open to spend up to USD 100 million in acquiring and developing mines.

Mr Juneja said that besides acquiring coal mines, the company was also looking at long term contracts to source coal from South Africa to meet captive requirements.

Binani at present buys coal from Coal India and spot market. The step would help the company in reducing cost and have access to quality coal. Its current production capacity was 6.5 million tonne and is finalizing plans to raise the capacity to 13 million tonne in the next two to three years.