Sat Industries to foray into energy sector
Sat Industries decided to foray into energy sector through its UAE based wholly owned subsidiary Sat Middleast.
Accordingly, the company is planning to acquire coalmines in Indonesia, South Africa and Australia. The coal will be marketed to cement manufacturing companies and power plants in South East Asia and Middle East region.
The company will fund the entire expansion plan, through internal accruals and borrowings and is targeting an additional profit of Rs 120 to Rs 150 million annually.
Shares of the company closed up Rs 0.15, or 0.39%, to Rs 38.40. The total volume of shares traded was 295,234 at the BSE. (Monday)
