For diversification and value chain integration, state-run coal miner Coal India is exploring the acquisition of lithium, cobalt, and nickel assets abroad.
Meanwhile, the company on Tuesday said it registered a 13.4% year-on-year growth in coal production at 53.6 MTs in the month of July.
In a bid to diversify, the coal behemoth has already amended its memorandum of association (MoA) to include non-ferrous and critical minerals.
“We are currently identifying suitable overseas assets for mergers and acquisitions,” Coal India said in its annual report for FY23.
“We are exploring the acquisition of lithium, cobalt, and nickel assets abroad and have amended our Memorandum of Association (MoA) to include non-ferrous and critical minerals,” it said.
The ministry of mines has recently identified the comprehensive list of critical minerals for India to make informed decisions and smooth transition towards a greener and clean energy transition. India has also become the member of the Mineral Security Partnership (MSP) formed by the United States to bolster uninterrupted supply chains of critical minerals.
Coal India, in its annual report said for FY24 it has proposed a capital expenditure of Rs 16,600 crore.
“Capital expenditure of CIL has registered a phenomenal growth of 20.90% over previous year. This helped your company spend Rs 18,619.27 crore in FY 22-23 compared to Rs 15,400.96 crore in FY 21-22,” according to the annual report.