Last Updated :
11 August 2009 at 15:45 IST
CIL to join hands with BHP, Rio & Anglo American
NEW DELHI (Commodity Online): Coal India Ltd (CIL) is going places. This can be taken as the sign of resurgent India with the state-run CIL planning tie-ups with global majors like BHP Billiton, Rio Tinto and Anglo American.
In an effort to make its presence felt in global arena, CIL has expressed its intention to make tie-ups with thse big names in the mining field.
CIL said it has floated global expression of interest for a strategic partnership with global mining firms like BHP Billiton, Rio Tinto, Anglo American. CIL is a great company in India but not a big name abroad and (with) this it is trying to (make CIL a big name abroad).
The country’s largest coal firm is looking to mine coal assets in four countries — Indonesia, Australia, South Africa, and the US.
CIL said the foreign firms have the technology but not the money. CIL has the money. Things will be clear when the offers come and the companies make a presentation.
CIL is sitting on Rs 30,000-crore cash reserves. However, the Indian firm is also open to other forms of partnership in the proposed ventures.
The proposed JVs will be formed by Coal India and not its arm Coal Videsh.
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