Coal news and updates

CIL renews global acquisition drive, to appoint consultants

June 3: Within days of the formation of the NDA government, Coal India Ltd (CIL) has stepped up efforts to identify and acquire coal mines, especially those having high grade coking and thermal coal deposits, in overseas lands.

Coal Videsh, the overseas acquisition arm of the coal miner, has floated a tender inviting expression of interest (EoI) for empanelment of technical consultants for assisting CIL in acquisition, development and operating coal mines abroad.

The objective of the EoI is to create a panel of technical consultants who would assist in acquiring assets in CIL’s target zones, namely Asia-Pacific (Asia, Australia, New Zealand, Russia), Africa and Americas (North and South America), the document said.

The last date for submitting EoI proposals is June 23.

Currently, Coal India has about 17 investment proposals from overseas mining companies.

The state-owned miner has not been successful in acquiring overseas coal mines since the purchase of two coal blocks in Tete province of Mozambique in 2009. For the 12th Five-Year Plan period (2012-2017), the company has earmarked a capital outlay of Rs 35,000 crore for acquisition of assets and development of Mozambique blocks.