State-run CIL is exploring coking coal assets overseas as the country is faced with constraints of techno-commercially viable domestic metallurgical coal reserves, Parliament was informed.
"CIL (Coal India Ltd) is scouting for acquiring coking coal assets abroad, as India is faced with constraints for techno-commercially viable domestic coking coal reserves," Cola and Power Minister Piyush Goyal said in a written reply to Rajya Sabha. "The recent spurt in global coal prices, particularly for coking coal, is expected to create an encouraging scenario for such acquisition process," the minister said. Since CIL, at present does not have any asset abroad, the comparative analysis between coal mines in India and coal mines abroad cannot be ascertained, he added. The state-owned miner had surrendered two prospecting licences held by its subsidiary Coal India Africana Ltd in Mozambique. CIL is looking to appoint a merchant banker to assist it in acquiring assets overseas so as to enhance the nation's energy security.
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