Coal India Ltd.

Coal India is likely to spend Rs 340 crore in Mozambique, after the encouraging results from the first round of exploration at Mozambique coal blocks. It has placed order with Tribeni Earth Movers, the same company that undertook the first round of exploratory investigation at the block.

This exploration will include drilling another 35,000 metres and it aims to complete the entire process, analyze and ascertain the reserves in about a year and a half. Following that it will apply for all the clearances and appoint a mine developer.