SAIL plans to buy equity stakes in coking coal mines

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.