Coal India Limited is in the process of finalising a merchant banker that will assist the public sector undertaking to scout for coal prospects abroad.
The PSU firm has been looking for coal assets abroad to meet the demands at home especially from the thermal power plants.
Earlier, a parliamentary panel had pulled up the ‘Maharatna’ firm for not being able to acquire any coal assets abroad despite making feeble attempts in the past. The public sector coal behemoth was scouting for coal assets abroad to meet the growing domestic demand and also mark an international presence.
CIL had earlier invited expression of interest (EOIs) for empanelment of internationally-reputed merchant bankers’ investor banker for facilitating the PSU to set up thermal coal mining business overseas.
The government had earlier said CIL has formed a sub-committee to monitor the proposals with regard to foreign investments.
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 other countries like South Africa, Indonesia, Australia, the US and Columbia.
