(ET)
Coal India is looking for minority stakes in operational coking coal mines in Russia, Canada and Australia.
Based on its experience it may gradually increase stakes, following which it may buy them out, and then look for new blocks in these countries, a senior Coal India executive said. The company has renewed its effort to acquire foreign coking coal assets as the fuel is getting unpopular in many countries, which can help the Indian company get a good price. Large banks in these countries have backed out from financing coal mines and thermal power plants. Many bankers have stayed away from such deals. Coal India wants to grab this opportunity by using internal accruals to finance such acquisitions.
