Last Updated :
27 August 2009 at 16:00 IST
Coal India plans huge foreign investments
NEW DELHI (Commodity Online) : India’s Coal India Limited on Thursday said it is seeking mines in Australia, South Africa, the U.S., Indonesia and Mozambique with an annual capacity of 10 million to 15 million metric tons.
Speaking to reporters here, Coal India chairman P S Bhattacharyya however did not divulge the time-frame of these buy outs.
Asked about the rationale for demanding a hike in coal prices, he said, “It will happen because wage revision has been very substantial for both workers and executives. There is no sense in allowing the bottom-line to shrink.”
The company has been demanding a hike in coal prices, which, it says, are almost half the international prices.
Coal India has a capital expenditure plan of Rs3,200 crore for this fiscal and aims to increase production by 7.5% to 435 million tonnes over the previous year.
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