Coal India seeks 30% stake in Indonesian mine

Coal India Ltd is seeking the government's approval to acquire 30 % stake in a coal asset in Indonesia, Chairman and Managing Director N C Jha said.

Coal India has been in discussions with Indonesia's Golden Energy Mines for a possible stake purchase in its assets. The company has earmarked Rs 6,000 crore from its Rs 10,200-crore expenditure plan for the current financial year to buy coal properties abroad, to bridge the widening gap of 83 million tonne in the demand and supply of coal.

CIL had failed to make any headway in its overseas acquisition plans last financial year too, despite a similar capex plan. However, it currently owns two new projects in Mozambique.

The company had earlier said it was looking at five overseas proposals for equity infusion in countries such as US, Australia and Indonesia.