The Daily News and Analysis newspaper citing Mr Tantra Narayan Thakur CMD reported that India’s Power Trading Co India Ltd is planning to spend INR 3 billion buying coal mines in Indonesia over the next year.

Mr Thakur said that “We have been working on the foray for the last two years and of late, have also identified a few prospective mines.” He added that “One of the mines is under detailed study.”

The newspaper also said that PTC India will also float a subsidiary in a joint venture with Singapore based Asian Infratech by the end of May 2008 and will invest INR 3 billion as its share of investment.

The paper added that the subsidiary, which will be a special purpose vehicle, in which each company will hold 50% stake, will bid for coal mines in Indonesia.