Coal India Limited (CIL) has initiated a process to acquire Coking Coal assets in foreign countries, apparently driven by the rising Met Coke prices. The state-run miner is heard to have floated a global tender to appoint merchant bankers for identifying such assets in global regions.
The development has come just after the subsidiaries of CIL—Bharat Coking Coal Limited (BCCL) and Central Coalfields Limited (CCL)—having raised the Coking Coal prices by 20%, citing higher international prices.
Although, efforts are being planned for increasing Coking Coal production in the country, meeting the entire demand will not be possible in view of the limited resources in the country.
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