The US-based FJS Energy LLC has signed a $7-billion, multi-year coal sale and purchase agreement with Nagpur-based Abhijeet Group.
The professionally-managed Abhijeet Group is a well-diversified business entity with significant presence in the core sector areas of power, roads, mining, EPC, ferro-alloys, steel and cement.
The forward and backward integrated power sector New Jersey-based FJS Energy's Indian arm executed the deal.
The deal brings through access for India to American coal that will be provided by FJS Energy for the next 25 years primarily for steel production and power generation in India.
The coal would be sourced from FJS Energy's affiliates, FJSE Marshall Inc. and FJSE River Coal.
''It's no secret that the coal industry is in a state of flux in America, what with erratic market conditions, the uncertain regulatory atmosphere and the ever-changing energy picture.