Adani Enterprises to buy $1 bn coal mine from Linc Energy

14 Jul 2010

Adani Enterprises is close to acquiring a coal mine for $1 billion in Queensland, Australia from Linc Energy, according to sources. The coal block is expected to have reserves of 7-8 billion tonnes. The acquisition is under Adani Enterprises’ subsidiary, Singapore based Adani Global. Out of the $1 bn, Adani is expected to give the first tranche of $435 mn in the next few days. The rest of the payment will be made over the next few months. Adani Enterprises aims to produce over 50 million tonnes of coal in the next 3-4 years. Sources said the final announcement of the deal is expected by the middle of the next month.

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