1. MEC Coal Project acquisition - The Board approved acquiring up to 78.26% of Advent Coal Resources via a ₹697 crore share swap, with completion targeted by 15 July 2026. This brings a 100% economic interest in one of Asia’s largest integrated coal and infrastructure projects in East Kalimantan, including a 100 km logistics corridor to a deep-sea port, adding a second large-scale Indonesian coal asset alongside the existing Param Mitra mines.
2. Sainik Mining acquisition - The Board approved acquiring 50.10% of Sainik Mining and Allied Services for ₹225.45 crore through CCPS, with completion expected within 30 days of shareholder approval. Sainik Mining reported turnover of ₹1,088.53 crore in FY25 from mine-developer-and-operator contracts, which nearly triples the company’s consolidated revenue base and adds a steady domestic earnings stream.
3. Indonesian coal volume ramp-up - Management guided in December 2024 that coal mining volumes from the existing Param Mitra Coal Resources mines would ramp up to 6 million tonnes per annum over the following one year. At the prevailing realisation of USD 35-37 per tonne, that implies a near-doubling of volumes from the 2.19 MT sold in 1HFY25, directly lifting the segment that already contributed 73% of revenue.
4. Critical minerals entry - The Board approved a long-term strategy to deploy up to USD 100 million into lithium, rare earth, and iron ore mining, with the company evaluating shortlisted targets across Asia, Africa, and Australia. This opens a path into minerals tied to energy transition and electric mobility, diversifying the business beyond coal at a time when India’s National Critical Mineral Mission is creating policy tailwinds.
5. Debt reduction freeing cash flow - Consolidated gross debt fell to ₹880.3 crore at 1HFY25 from ₹1,638.1 crore at FYE23, and the Ocean Pro stake sale in 1HFY25 brought in ₹125.5 crore used entirely to pare debt. Net leverage improving from 31.62x to 6.66x over two years reduces interest cost and frees up operating cash flow for the new growth initiatives.
6. Acquisition of Indonesian mines with integrated infrastructure - The Board approved pursuing acquisitions of mines in Indonesia that come with integrated infrastructure and a track record of greenfield development. This signals intent to replicate the MEC model - pairing mining assets with captive logistics - which can lift per-tonne margins by controlling the cost of moving coal to port.