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GMR to sell stake in mining assets

GMR to sell stake in mining assets
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Hyderabad: Infrastructure major GMR group on Wednesday said it had agreed to divest its stake in two major coal-mining assets in South Africa. The...

gmrHyderabad: Infrastructure major GMR group on Wednesday said it had agreed to divest its stake in two major coal-mining assets in South Africa. The group has stake Eloff and Kendal mines through a joint venture. "Homeland Mining and Energy SA Proprietary Limited (HMESA), a wholly owned subsidiary of Homeland Energy Group Ltd (HEG), a company listed in Canada in which GMR Energy Limited has a majority shareholding has entered into an agreement to divest its 50 per cent equity interest in Tshedza Mining Resource (Pty) Ltd, which holds the license for the development of Eloff mines," GMR said in a statement. HMESA has also entered into an agreement for the sale of its entire shareholding of Ferret Coal (Kendal) (Pty) Ltd. The transaction will be subject to receipt of statutory approvals and HEG Shareholders approval, it added. The Kendal mine is an operating mine and sells coal in domestic market while the Eloff mine is under development stage.
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