AMR Construction and a Malaysian investor Bob Sundaram have floated an Indonesian joint venture for coal mining called PT AMR Mineral Resources. AMR holds 70% in the JV and Mr. Sundaram holds the remaining 30%.
This is the company’s first coal mining venture. The JV has acquired 1700 hectare-coalfield in Indonesia and is eyeing more mines for acquisition. It is planning to bring 70% of the coal produced in Indonesia to India and the rest will be exported to China.
The company will invest $15 million to develop the recently acquired mine. Moreover, plans have been chalked out to acquire more mines in the Middle East and talks are in progress for the same. Almost 70% of our production from Indonesia will be consumed by the power and cement plants in south India.
AMR is also planning to acquire stake in iron ore mines near Bellari and Chitradurga in Karnataka. The company has 10 years experience in iron ore mining as a contractor. It may come out with a public offering next year.
In the real estate segment, AMR has signed a 70:30 JV agreement with Malind Infra, a Malaysian firm to build a luxury apartment complex at Kompally in Hyderabad. The company has also executed many infrastructure projects in Nepal for L&T. Its clientele includes Gannon Drunkenly, Bridge & Roof, Madras Cements, Visakha Cements, Grasim Cements and Bharat Electronics.
Read The Economic Times article.
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