Coal India Ltd.

World’s largest coal miner, Coal India (CIL) has established a sub-committee to monitor the proposals with regard to foreign investments. Last month, the entity had invited merchant bankers to assist it in its venture of investing in prospective coal business opportunities overseas. It has taken this decision, considering Parliamentary Panel’s move of pulling the Maharatna PSU for making no headway in acquisition of coal resources abroad.

Further, the company has proposed an ad-hoc provision of Rs 35,000 crore for acquisition and development of mines abroad by 2017. Out of this, Rs 25,000 crore has been kept for acquisition and development of coal blocks in other countries like South Africa, Indonesia, Australia, USA, Columbia. The balance Rs 10,000 crore has been allocated for exploration and development of two allotted coal blocks in Mozambique during the 12th Five-Year Plan.