State-run CIL is exploring coking coal assets overseas as the country is faced with constraints of techno-commercially viable domestic metallurgical coal reserves, Parliament was informed today. “CIL (Coal India Ltd) is scouting for acquiring coking coal assets abroad, as India is faced with constraints for techno-commercially viable domestic coking coal reserves,” Coal and Power Minister Piyush Goyal said in a written reply to Rajya Sabha.
“The recent spurt in global coal prices, particularly for coking coal, is expected to create an encouraging scenario for such acquisition process,” the minister said.
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Since CIL, at present does not have any asset abroad, the comparative analysis between coal mines in India and coal mines abroad can not be ascertained, he added. The state-owned miner had surrendered two prospecting licences held by its subsidiary Coal India Africana Ltd in Mozambique.
CIL is looking to appoint a merchant banker to assist it in acquiring assets overseas so as to enhance the nation’s energy security.