SRAM & MRAM Group Forms JV for Coal Supply

Mumbai, Feb 3 (PTI) UK-based conglomerate SRAM & MRAM Group has formed a joint venture with Indonesian company Energi Alam BORNEO to offer coal supply solutions, according to a statement.

The joint venture aims to optimize the procurement and distribution of Indonesian coal in the worldwide energy market, SRAM & MRAM Group said on Saturday.

The group said that the joint venture is expected to supply around 300,000 tonnes of Indonesian coal worth USD 30 million (around Rs 250 crore) every month to the Indian market.

Energi Alam BORNEO is a major coal trading company in Indonesia. The company sources coal from East Kalimantan, known for the largest coal content in Indonesia and caters to various industries such as power plants, cement, chemical, and industrial applications.

SRAM & MRAM Group is a global conglomerate with diverse interests spanning various industries such as oil, technology, agriculture, airport solutions and cybersecurity.

Hemalata Arumugam, Group CEO of SRAM & MRAM Group said, “This collaboration goes beyond mere business expansion. It represents our collective efforts towards delivering comprehensive energy solutions globally."

SRAM & MRAM Group Director of Agro and Mining verticals, Anil Tukaramji Sawarkar, said that the partnership highlights a robust commitment to integrating innovative strategies with sustainable energy practices.

SRAM & MRAM Group last year announced an investment of USD 100 million in SpiceJet's cargo and logistics division, SpiceXpress. SpiceJet has hived off its cargo and logistics division, SpiceXpress, into a separate entity.

The group last year also formed a partnership with healthcare services provider Siddhanta Medicity to raise USD 108 million of investment.