Adani Enterprises said Tuesday that the Australian coal reserves of the company to buy energy-LINC AUD 500 million a motion seeking to force feed a growing business in India.
"Adani Enterprises Ltd, through its retirement Australian subsidiary, Adani Mining Pty, has a binding contract with LINC Energy Ltd signed a 100 percent interest in the Galilee coal settlement in the Galilee Basin, Queensland," the company to buy it in an application to the Bombay Stock Exchange .
"The price is AUD 500 million plus royalties to pay for a period of twenty years of production," it added.
The estimated coal reserves in the Galilee tenement 7.8 billion tons, and is the largest apartment building in Australia in the form of coal resource, "says Adani.
"This acquisition is approved by the Foreign Investment Review Board (lizards) approval and guidance of the Queensland Government has been," added.
Adani import coal from mines to land-based power projects in India to feed.
Adani Power, a subsidiary of Adani companies are working with 4620 MW Project at Mundra in Gujarat.
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