Regions

Coal India considers 3 Australian acquisitions

July 17
8:12 AM 2013

According to a source who was familiar with the matter, "Coal India is examining three proposals from Australia. It has signed Non-Disclosure Agreement with three firms there and the proposals are at the level of board sub-committee."

Coal India Ltd., the largest coal miner in the world, was considering these three Aussie companies as it continues to hunt for assets abroad. The three proposed acquisitions in Australia created a corpus of INR6,000 crore.

Aside from these proposals, Coal India has also received a number of proposals from the United States including Columbia. However, the coal miner was not so keen on pursuing these proposals due to distance, high cost, and other factors. "Moreover, coking coal is not its priority," said the source.

Earlier this year, Coal India has invited bids for acquisition of assets abroad. This move would help the coal miner meet shortages and address problems of enhanced output.

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