Coal India zeroes in on coking coal acquisition in three countries

Monday, 24 June 2019 16:34:21 (GMT+3)   |   Kolkata

India’s state-run coal company Coal India Limited (CIL) has zeroed in on suitable targets for acquisition of coking coal assets in Russia, Australia and Canada, company sources said on Monday, June 24.

The sources said that CIL is looking at coking coal assets to pick up minority stakes with provision to ship back part of the production to India.

The acquisition strategy adopted by CIL is to initially pick up minority stakes in targeted coking coal blocks in these three countries and in the second phase to increase its investments in these assets to gain majority equity control, the sources added.

In the case of its acquisition target in Australia, CIL has appointed a merchant banker to act as a financial advisor and conduct due diligence in the target acquisition, the sources said.

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