Aditya Birla in talks to buy Colombian mines stake for $1 billion: report
MUMBAI (Reuters) - India's Aditya Birla Group is in talks with American thermal coal miner Drummond Company DRMND.UL to buy a "significant stake" in its coal mines in Colombia for $1 billion, the Financial Express said in a report.
The telecom-to-cement conglomerate is looking to pick up rights for about 20 percent to 40 percent of the coal produced in these mines, the report quoted a source with direct knowledge of the development.
The Indian conglomerate is looking to strengthen its mining business and utilize coal for its captive power plants to make aluminum in India, the report said.
Aluminum maker Hindalco Industries (HALC.NS), part of the Aditya Birla Group, has been seeking environmental clearance for mining coal at Mahan in Madhya Pradesh state to feed its captive power plant and a new smelter project.
Reuters could not immediately reach a group spokesman for comments.
(Reporting by Prashant Mehra and Nandita Bose; Editing by Gopakumar Warrier)
NEW YORK - U.S. stocks edged modestly lower on Monday, and the S&P 500 held near record highs, as investors largely shrugged off unexpectedly weak data in China. | Video
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.