India Cements says Indonesia mine buy delayed

India Cements says Indonesia mine buy delayed
Published: 15 February 2011

India Cements, the South-based cement major which had initially planned to start mining from its Indonesian coal mine by May 2010 is still awaiting environmental clearances from the government there.

N Srinivasan, chairman and managing director of the company said in the conference call, "We are waiting for some forest clearances which will take 6-8 weeks more. It will be definitely beyond June."

The company had announced the acquisition of the Indonesian mine in October 2009 and has since then extended the target to commence operations to March 2011