Business Daily from THE HINDU group of publications
Tuesday, Aug 11, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Tuesday, Aug 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
|
|
|
|
|
Corporate
-
Overseas Investments Coal India eyeing tie-ups with global mining firms
The Minister for Coal, Mr Sriprakash Jaiswal, and the Coal India Chairman, Mr P.S. Bhattacharyya, during a meeting with State Ministers for Mining and Geology in the Capital on Monday. Our Bureau New Delhi, Aug. 10 State-run Coal India Ltd (CIL) is looking to tie up with global mining firms to jointly mine for coal abroad. The country’s largest coal firm is looking to secure assets in four countries, namely Indonesia, Australia, South Africa, and the US, and the proposed tie-up would focus on these locations. “We have floated global expression of interest for a strategic partnership with global mining firms such as BHP Billiton, Rio Tinto, Anglo American… We will seek equity partnership in their companies,” the CIL Chairman, Mr Partha S. Bhattacharyya, told reporters here at an industry event. CIL is sitting on Rs 30,000-crore cash reserves, he said, adding, “They (global mining firms) have the technology but not the money. We have the money. Things will be clear when the offers come and they (companies) make a presentation.” However, he added that the Indian firm is also open to other forms of partnership in the proposed ventures. “Let the world’s large mining majors conceive projects and tell us what kind of participation they are seeking,” he added. The proposed joint ventures will be formed by Coal India and not its arm Coal Videsh, he said. He added CIL plans to directly import 4 million tonnes of coal in the current fiscal. “We are talking to Central Electricity Authority and power plants to get the specs (specifications) of the coal to be imported. Once we get that, our board will decide when to float a tender,” he told reporters. More Stories on : Overseas Investments | Coal
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2009, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|