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Mumbai, Sept. 25

Gremach Infrastructure Equipments & Projects Ltd has said that it has acquired 75 per cent stake in 11 coal mine licences in Mozambique that have a total of 13,520 hectares in Moatize region for an undisclosed amount. The company plans to start prospecting in October and expects to complete it by mid-2008. Expected reserves in the above mines are over 200 million, the company informed the BSE on Tuesday. With this acquisition, the company has entered the list of compa nies such as JSW, Tatas and Gujarat NRE Coke that have mines outside India, it said. The licences were purchased from a Mozambique company, Osho Mozambique Coal Mining Limitada, which has a registered office at Maputo. Mr Rishi Raj Agarwal, MD, said the 11 licences are very close to the existing Companhia Vale do Rio Doce (CVRD) mines. —

Our Bureau

More Stories on : Mergers & Acquisitions | Overseas Investments | Coal

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