India's GMR to Buy Golden Energy Stake

India's GMR Energy Ltd. said it plans to buy a 30% equity stake in Indonesia's PT Golden Energy Mines Tbk for $450 million to $550 million in cash. Unlisted PT Golden Energy Mines is part of the Indonesian conglomerate Sinar Mas Group. GMR Energy, which is part of Bangalore-based GMR Group, has entered into an off- take agreement with the Indonesian company as part of the deal. This entitles it to purchase coal over the next 25 years, with the annual off-take quantity steadily increasing to 10 million tonnes over the coming years.