India’s Tata Power looks to part-acquire South African coal project

India's Tata Power Company has approached Australia-based Firestone Energy with an offer to acquire a 30 per cent stake in the company's Sekoko coal joint venture in South Africa with a view to developing Firestone's Smitspan export thermal coal mine, Firestone said in an update to the Australian Securities Exchange.

Tata Power's proposal is for the Indian firm to enter into a fresh joint venture arrangement with Firestone to develop the Sekoko project located in South Africa's Waterberg coalfield, which Firestone has valued at Rand 1bn ($137m) on a 100 per cent basis.

Tata Power would acquire a 30 per cent stake in the new joint venture company for Sekoko worth about A$39 million in two stages, beginning with Tata providing debt funding to the project, and later converting this debt into equity in the joint venture company.

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