Coal India creates Rs 35,000 cr war-chest for acquisitions

Replying to supplementaries during Question Hour in Rajya Sabha, he said CIL plans to invest Rs 25,400 crore during the XIIth Plan Period (2012-17). Of this, Rs 4,484.62 crore will be in existing mines and another Rs 11,385.05 crore in ongoing projects.

He said Rs 2,490.94 crore will be invested in new projects and another Rs 7,039.38 crore in non-mining sector projects.

"CIL has proposed an ad-hoc provision of Rs 35,000 crore for acquisition and development of coal assets abroad during the XIIth Plan period," he said.

"Out of the aforesaid amount, Rs 10,000 crore has been allotted for exploration and development of two allotted coal blocks and creation of logistic infrastructure in Mozambique and the balance Rs 25,000 crore has been kpt for acquisition and development of coal blocks in other countries like South Africa, Indonesia, Australia, USA and Columbia," he said.

The minister said exploration activities are in progress in the allotted two coal blocks in Mozambique.

"Further, CIL has issued a notice on February 27 inviting proposal from investment bankers, owners/representatives for acquisition of coal assets abroad," he said.

Jaiswal said domestic coal production is not enough to meet requirement of power plants and pooling or averaging out the price of domestic coal with costlier imported fuel to get a uniform and affordable price of coal was being considered.

On coal-block allocation scam, he said

... contd.