Private Equity

PE Fund Investments

GMR Group to divest its 30% stake in Indonesian coal miner PT GEMS for $420-M

BSE Disclosure  

Publicly-listed GMR Power and Urban Infra Ltd (GPUIL), via its step down subsidiary GMR Coal Resources Pte Ltd (GCRPL), is to divest the 30% equity stake it holds in Indonesia-based PT Golden Energy Mines Tbk, following a competitive bidding process. On the closing of the deal, GCRPL will receive USD 420 million. It will also receive a deferred consideration based on mutually agreed milestones. The buyer is PT Radhika Jananta Raya, a subsidiary of PT ABM Investama Tbk, PT GEMS, established in 1997, is a holding firm of 18 subsidiary companies and operates five coal mining concession areas covering an aggregate area of 66,000 hectares in South and Central Kalimantan, Jambi, and South and West Sumatra. GEMS has been listed on the Indonesia Stock Exchange.