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Adani Power Ltd (APL) declared that Mahan Energen Ltd, an arm of APL, has accepted a proposal to combine Stratatech Mineral Resources, a coal mining company, with APL with the objective to boost fuel security.
Stratatech Mineral Resources, a subsidiary of Adani Enterprises, has been aloted Dhirauli Coal Mine in Madhya Pradesh. The coal mine is in close proximity to MEL's thermal power plant.
According to an exchange filing from the company, the planned amalgamation will allow MEL to operate the Dhirauli Coal Mine as a captive coal mine and enhance its fuel security.
The maximum capacity of Dhirauli Coal Mine is 6.5 million tonnes of coal produced annually. The proposed scheme of amalgamation is subject to necessary approvals including that of shareholders, the company said.
"... the wholly-owned subsidiary Mahan Energen Limited (MEL or the transferee company) has approved a scheme for amalgamation of Stratatech Mineral Resources Private Limited (SMRPL or the transferor company) with MEL," it said.
SMRPL is a wholly-owned subsidiary of Adani Enterprises Limited and engaged in the business of mining of coal, minerals and ores and other allied activities, the filing said. MEL is engaged in the business of generation and sale of power.
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