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Updated: 1:25 PM Mar 5, 2010
Indian Conglomerate Buys WV Coal Company
A subsidiary of Indian conglomerate Essar Group has agreed to buy West Virginia-based Trinity Coal.
Posted: 1:24 PM Mar 5, 2010Reporter: The Associated Press Email Address: News@wsaz.com |
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CHARLESTON, W.Va. (AP) -- A subsidiary of Indian conglomerate Essar Group has agreed to buy West Virginia-based Trinity Coal.
Trinity's owner, Boston-based Denham Capital, announced the $600 million deal with Essar Minerals on Friday. Trinity operates 13 mines - 10 surface and three underground - and employs about 650 people in West Virginia and Kentucky.
The deal includes about 200 million tons of reserves, about half of it metallurgical grade suitable for making steel.
Denham says the acquisition gives Essar coal in the U.S. to be integrated into its steel and power operations worldwide.
Mumbai-based Essar employs about 60,000 people with steel, energy, power, communications, mining and other operations in more than 20 countries.
Latest Comments
Posted by: TY
on Mar 6, 2010 at 05:14 PM
(john) their is an estimated 200 years of coal reserves left john,know your facts.
Posted by: right
on Mar 6, 2010 at 03:08 PM
KEN you said it all.
Posted by: Ann
on Mar 6, 2010 at 09:23 AM
Now Obama might let up on the coal industry...He's probably gonna benefit from this one...
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