SAIL plans to buy equity stakes in coking coal mines
According to recent news in the market, Indian steel producer Steel Authority of
India Ltd (
SAIL) plans to buy equity stakes in
coking coal mines in
Australia and
New Zealand to avoid from experiencing a possible
coking coal shortage.
SAIL already has long-term contracts with
BHP, MIM and Anglo Coal however it wants to buy equity stake in these mines.
SAIL currently meets 9 million tons of its total
coking coal need of 13 million tons from imports.
Negotiations regarding
SAIL's purchase of equity shares have recently started.