Coal India's Indonesia foray hopes revive

PTI

Coal India has plans to go for acquisition of coal assets in Indonesia after having failed in its attempt about a decade back.

"In Indonesia, we are in touch with government companies there to see whether we can get access to coal licence," Coal India Chairman Suthirtha Bhattacharya said here.

Coal India had been scouting for coal assets in several countries including Indonesia but the same had not materialised.

India is a key market for Indonesian coal. Data from the commerce ministry shows that during April-June this year, India imported 23.40 million tonnes (mt) of coal.

CIL is eyeing acquisition of coal assets in Indonesia, South Africa as well as in Australia, Bhattacharya said.

The CIL board has accorded approval to the proposal for execution of MoU between CIL (Coal India) and African Exploration Mining & Finance Corporation, SOC Ltd (AEMFC), an entity owned by the government of South Africa for identification, acquisition, exploration, development and operation of coal assets in South Africa.

Meanwhile, total outstanding of CIL from power generation companies of the country was Rs 13,684 crore, as on April 2016 but the same got reduced to Rs 11,866 crore as on September 1, Bhattacharya said.

While, around Rs 2000 crore which is disputed outstanding, there are various reasons for this but that will be settled soon through discussions and also through a committee that has been formed to settle such issues, he said