Coal India to go slow on overseas acquisitions

The Union coal ministry has decided to "go slow" in acquiring mines abroad through 'Coal Videsh', the proposed overseas subsidiary of the state-owned Coal India Limited (CIL), due to the current volatility in international prices.

"We have decided to go slow in acquiring mines or entering into joint ventures abroad for procuring coal following expert advice in view of the current volatility in international coal prices," Additional Secretary in the Ministry of Coal and Mines Pradeep Kumar said.

"The market feedback is that this is not the best time to go in for overseas ventures due to the volatility in the market. So we want to wait for some more time," Kumar told reporters on the sidelines of an international conference on the future of the Indian mineral industry yesterday.

Kumar said that the ministry was looking for a kind of tie-up by which it would be able to bring coal from abroad.