Updated February 3rd, 2024 at 18:56 IST
SRAM and MRAM Group forms joint venture for Indonesian Coal Supply Solutions
The joint venture is anticipated to play a crucial role in supplying approximately 300,000 metric tonnes of high-quality Indonesian coal monthly.
- 2 min read
SRAM venture: UK-based conglomerate SRAM & MRAM Group has entered into a joint venture with Indonesian company Energi Alam BORNEO, aiming to revolutionise the procurement and distribution of Indonesian coal in the global energy market, as announced in an official statement.
The joint venture is anticipated to play a crucial role in supplying approximately 300,000 metric tonnes of high-quality Indonesian coal monthly, valued at $30 million (about Rs 250 crore), catering specifically to the Indian market. Energi Alam Boreneo, a prominent coal trading firm in Indonesia, specialises in sourcing coal from East Kalimantan, renowned for its abundant coal deposits. The company serves diverse industries, including power plants, cement, chemicals, and industrial applications.
SRAM & MRAM Group, a global conglomerate with a diverse portfolio spanning oil, technology, agriculture, airport solutions, and cybersecurity, is strategically expanding its presence in the energy sector through this collaboration.
Hemalata Arumugam, Group CEO of SRAM & MRAM Group, emphasised that the joint venture signifies more than mere business expansion. She highlighted its broader significance, representing a collective effort towards delivering comprehensive energy solutions on a global scale. Anil Tukaramji Sawarkar, Director of Agro and Mining Verticals at SRAM & MRAM Group, underscored the partnership's robust commitment to integrating innovative strategies with sustainable energy practices.
Notably, SRAM & MRAM Group has been active in making substantial investments in various sectors. Last year, the conglomerate invested $100 million in SpiceJet's cargo and logistics division, SpiceXpress, leading to the formation of a separate entity. Additionally, SRAM & MRAM Group entered into a partnership with healthcare services provider Siddhanta Medicity, securing a substantial investment of $108 million.
This latest joint venture further reinforces SRAM & MRAM Group's position as a key player in fostering innovative solutions within the global energy landscape.
(with PTI inputs)
Published February 3rd, 2024 at 18:56 IST