Monday, July 25,
India holds around 10% of the world’s coal reserves but local supplies are falling short of demand as the country builds more power plants, and most of the domestic coal projects are running into environmental and land acquisition delays.
Therefore, many major Indian coal, steel and power firms have been scouting for coal assets overseas to feed the growing power & steel plants at home.
The latest in the row is Coal India which is seeking an approval from the Indian government to buy a 30 percent stake in a coal asset in Indonesia, its chairman said on Monday. However, they declined to give any specific details on the possible investment.
The company has been in advanced talks with Indonesia’s Golden Energy Mines to buy stake in its assets in a deal that could be worth as much as $1 billion, according to sources.
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