CIL eyes over 10% stake in Peabody asset

State-run Coal India today said it is in advanced talks to buy 10 per cent stake in the US-based Peabody Energy Corp's asset in Australia.

"They (Peabody) have offered us 10 per cent in one of their coal producing mines in Australia," Coal India Chairman Partha Bhattacharya told reporters here.

He further said," Peabody is going ahead, it is narrowing down something (that) may get finalised this fiscal."

The company had last month put the deal cost at less than $200 million.

The Navratna company, which has been scouting for coal mines abroad, has earmarked Rs 6,000 crore for this purpose in the current fiscal.

Apart from Peabody, the company is also negotiating with US firm Massey Energy and Indonesian Novem/Sinarma, for a possible partnership for their respective mines in the US and Indonesia.

During April-September this year, Coal India has reported a net profit of Rs 4,020 crore and a net sales of Rs 22,525.53 crore.