Coal India to hire merchant bankers for buying stakes in Australian assets

State-run miner is eyeing assets abroad as it feel domestic production would be insufficient to meet coking coal and high-grade fuel demand

State-owned Coal India plans to hire merchant bankers to carry out financial due diligence for acquiring equity stakes in identified mines and companies in Australia as part of its plan to meet the growing dry fuel demand in the country.

The company has identified coal assets in Australia for acquiring equity stakes along with offtake rights in an asset or a company, Coal India said in a notice inviting proposals from investment bankers.

"CIL intends to avail the services of internationally reputed merchant banker/investment banker to carry out financial due diligence and render transaction advisory services with respect acquisition of