Indian steel, mining companies shopping for coal mines abroad

Hyderabad: State-owned National Mineral Development Corp. Ltd (NMDC) and International Coal Ventures Ltd (ICVL) are looking to buy coal mines overseas, taking advantage of falling valuations due to a global meltdown.

“ICVL is talking to coal companies in Australia, Mozambique, Canada, the US and couple of countries and is likely to firm up deals shortly,” steel secretary P.K. Rastogi said on the sidelines of a seminar.
ICVL is a venture of Steel Authority of India Ltd, Rashtriya Ispat Nigam Ltd, NMDC, NTPC Ltd and Coal India Ltd.

“Slowdown in international coal sector has come as an opportunity for the Indian steel sector and we should now go ahead to acquire coal mines overseas to address the cooking coal requirements of steel industry,” Rastogi said.

NMDC is also negotiating to buy coal mines abroad, its chairman and managing director Rana Som said.

LiveMint