Coal India Limited to form consultants' panel for overseas mines acquisition.

NEW DELHI: Coal India plans to form a panel of consultants which would help the PSU in acquiring, developing and operating coal mines overseas. The coal major is eyeing assets abroad to meet the domestic demand.

"Coal India Limited (CIL) intends to create a panel of reputed technical consultants to assist its venture of acquisition, development and operating coal mines abroad," Coal India said on its website. "The last date for submission of responses to EOI (Expression of Interest) ... shall be June 23," the PSU said.

CIL had earlier invited bids from bankers and interested parties for acquiring assets abroad. Coal ministry had earlier said that acquisition of coal mines overseas should be done in an aggressive manner to meet the country's energy requirements.

In order to tide over the fossil fuel shortages, the government is also planning to import coal. Meanwhile, taking forward its plans to develop mines in Mozambique, CIL had invited bids for the third phase of drilling in the African nation. Coal India Africana Limitada (CIAL), a subsidiary of Coal India Ltd, had won 5-year licence for exploration and development of mines in Mozambique in August, 2009.

Two coal blocks -A1 and A2- at Motaize, in Tete Province of Mozambique, are spread over 200 sq km. The demand-supply gap of coal is likely to widen to 185 million tonnes (MT) in 2016-17. The country had to import a record 171 MT coal last financial year to meet domestic requirement.

Source : economictimes.indiatimes.com