KOLKATA: Binani Cement Ltd today said it is planning to acquire coal assets in Indonesia.

"We are negotiating to acquire coal assets in Indonesia. We are trying to acquire coal mines near ports," Binani Managing Director Vinod Juneja said here today.

Beside acquiring coal mines, he also said the company was also looking at long term contracts to source coal from South Africa to meet captive requirements on the sidelines of the AGM today.

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.

The company said it was open to spend up to USD 100 million in acquiring and developing mines.

Binani also aims to develop lignite mines in Rajasthan which was estimated to have reserves of 13 million tonne.

The current production capacity was 6.5 million tonne and was finalising to raise the capacity to 13 million tonne in the next two to three years.  
 
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