Tata Power pays $1.3 billion for a stake in Bumi coal

Bumi Resources announces the sale of a 30% stake in its coal companies to Tata Power.

India's Tata Power announced on Saturday March 30 that it plans to buy a 30% stake in Indonesian energy giant PT Bumi Resources' premiere coal mines for approximately $1.3 billion.

The Bumi mines include PT Kaltim Prima Coal KPC, PT Arutmin Indonesia Arutmin and related companies - mines it tried to sell stakes in last year - but says now that the sale will close subsequent to customary formal approvals for both the parties. Tata, after all, needs to...

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