Australia to expedite M&As in coal sector: Paswan

The Australian government has assured India to expedite the process of stake buy in coking coal firms and mines by Indian steel giants SAIL, RINL and NMDC, Steel Minister Ram Vilas Paswan said today.

"Ian McFarlane, Australian Federal Minister for Industry, Tourism and Resources, has assured me all possible help in fast-tracking these acquisitions, which are critical for India's capacity expansion in the steel sector," Paswan, who is currently leading a high-level delegation in Australia, told PTI.

The proposal by steel companies to jointly acquire stakes in Australian coal properties has received a boost with this visit, and "they are likely to shortly buy equity in these properties or acquire mineral properties in Australia," Paswan said.

"Australian mining giants BHP Billiton and Rio Tinto and other mining companies expressed their keen desire to invest in the Indian mineral sector. I assured the Australian government and these companies of requisite assistance within the boundaries of India's investment policies and our mineral exploration policy," Paswan said.