State-owned Neyveli Lignite Corporation (NLC) is scouting for a joint venture partner to acquire coal blocks abroad.
"NLC....Plans to acquire and develop new coal blocks jointly," the company said, inviting Expression of Interest (EoI) from reputed firms through global bids.
It further added that it plans either acquisition or participation in development of coal blocks abroad.
The move precedes the proposed share sale programme of the miniratna company next fiscal.
The lignite-based power producer said the company was "desirous of undertaking these initiatives and to this end wishes to shortlist enterprises of repute, who would lend necessary direction and support to these initiatives".
The expression of interest closes on February 2, next year.
The company, which at present generates 2,490 MW of power annually, plans to augment the capacity to about 4,300 MW by the year 2012. Also, it plans to more than double its lignite production capacity of 24 million tonnes per annum (MTPA) on completion of its expansion projects.
The company projects under execution include a 1,000-MW thermal power project at Tuticorin, Tamil Nadu, a 500-MW extension of the Neyveli plant and a 50-MW wind power project.
The firm achieved a marginal 1.65 per cent growth in lignite production at 14.86 million tonnes (MT) during April-November 2010 over the year-ago period. It had produced 14.62 MT of the dry fuel during April- November 2009.
It has a cash reserve of Rs 6,000 crore and registered a profit after tax of Rs 1,604.86 crore in FY'10 compared to Rs 1,046.01 crore in the previous year.
The PSU, which is under the administrative control of Ministry of Coal, plans share sale that may include the government diluting as much as 10 per cent of the stake in it.
At present the government holds a 93.56-per cent stake in the company.
Neyveli Chairman and Managing Director A R Ansari last week said that the government has given in-principle approval for share sale by the PSU in the next fiscal.
