Adani Group Forms JV to Develop Coal Block in India

14 August 2011 (Last Updated August 14th, 2011 18:30)

Parsa Kante Collieries (PKC), a new joint venture (JV) company, has been formed to develop Parsa and Kante Basan coal blocks in Chhattisgarh, India. Adani Group's Adani Enterprises holds a 74% stake in the JV while the rest is held by state-owned firm Rajasthan Rajya Vidyut Utpadan Nig

Parsa Kante Collieries (PKC), a new joint venture (JV) company, has been formed to develop Parsa and Kante Basan coal blocks in Chhattisgarh, India.

Adani Group's Adani Enterprises holds a 74% stake in the JV while the rest is held by state-owned firm Rajasthan Rajya Vidyut Utpadan Nigam.

The Parsa and Kante Basan coal blocks have estimated coal reserves of 450Mt.

Adani group CFO Devang Desai said that the firm will provide end-to-end solutions for the development of Parsa and Kante Basan coal blocks, and is expecting to commence mining operations from 2012.

The mining agreement is valid for a period of 30 years from the date of signing, reports Press Trust of India.