Coal India Ltd.

Coal India (CIL), the world’s largest coal miner will soon finalize merchant bankers who will assist the PSU firm in its plans to invest in prospective coal business opportunities overseas. In order to facilitate the PSU to set up thermal coal mining business overseas, the company has invited expression of interest (EoI) for empanelment of internationally-reputed merchant bankers/investor banker. The Parliamentary Panel had also earlier pulled up the firm for making no headway in acquisition of coal resources abroad.

CIL has proposed an ad-hoc provision of Rs 35,000 crore for acquisition and development of mines abroad by 2017. Of the proposed amount, Rs 25,000 crore has been kept for acquisition and development of coal blocks in countries like South Africa, Indonesia, Australia, USA and Columbia.

The remaining Rs 10,000 crore has been allocated for exploration and development of two allotted coal blocks in Mozambique during the 12th Five-Year Plan (2012-17) besides creating logistic infrastructure there.