PT Kaltim Prima Coal ranted Special Mining Business Permit for 10 years by the Indonesian Government

PT Kaltim Prima Coal (KPC) has been granted a Special Mining Business Permit (IUPK) by the Investment Minister / Head of the Indonesia Investment Coordinating Board Decree of the Investment Minister / Head of The Investment Coordinating Board, Indonesia. KPC is based out of Indonesia and is held 30% by Tata Power through its wholly-owned subsidiary Bhira Investments Pte Ltd.

These are strategic assets to Tata Power which also help in hedging imported coal price exposure for its generating assets. The renewal will also help to ensure a regular supply of coal for its thermal power plants.

Speaking on the renewal of the mining business permit, Dr. Praveer Sinha, CEO & MD, Tata Power said, "We are thankful to the Indonesian Government for trusting PT KPC through the renewal of our special mining business permit for coal. This will ensure a robust coal supply chain for our imported coal-based thermal plants resulting in the generation of reliable power to meet India's energy demands."

This IUPK is granted for an initial period of 10 (ten) years up until 31 December 2031 and can be extended by the provisions of the applicable regulations. This extension confers certainty of the mining operations and supply of coal.

Shares of Tata Power Company Limited was last trading in BSE at Rs. 229.25 as compared to the previous close of Rs. 227.00. The total number of shares traded during the day was 3079880 in over 33588 trades.

The stock hit an intraday high of Rs. 231.10 and intraday low of 226.20. The net turnover during the day was Rs. 703393886.00.

Source : Equity Bulls

Keywords

TataPowerCompany INE245A01021 SpecialMiningBusinessPermit Indonesia