CIL will buy stake in overseas mining company

New Delhi: Coal India's (CIL) board of
directors has approved a proposal for the mining firm to acquire stakes in
unlisted firms overseas, provided the “offers were valid”.

“The
company will take up three offers — in Australia, Indonesia and the US,”
the official said. The PSU has put together a war-chest of Rs 6,000
crore for acquisition of mines.

The decision was
taken in a meeting of the company board on Wednesday. The development
comes in the wake of Finance Ministry approval last month for the public sector
firm to go-ahead with a buyout of overseas firms that are unlisted.
     
“It was decided during the board meeting that
if the offers were valid then they can be evaluated by Coal India,” a top
official with Coal India privy to the development said.