NEW DELHI (Commodity Online): Coal India Limited (CIL), seeking India government’s approval for oversea expansion in Indonesia to meet the rising demand for coal in India.
Coal India Limited (CIL) - Public Sector Undertaking under Ministry of Coal, Government of India
CIL plans to acquire around 30% of the stake in an Indonesian coal asset. As of now many Power generation project are finding it difficult to exist due lack of availability of coal.
The company has been in discussion with Indonesia’s Golden Energy Mines. The company has designated Rs 6,000 crore for buying assets overseas in this financial year.
Golden Energy Mines is the coal mining group subsidiary of Dian Swastika Sentosa Tbk (DSSA) - a Energy and Infrastructure company. Currently we supply 4-5 million tons of coal per annum to coal powerplants and industries such as cement and paper both locally and internationally.
If this deal works then, it would fill up the gap of 83 million tons coal in India.
The company earlier had planned to have investment with countries like US, Australia and Indonesia.
