CIL to acquire coking coal assets overseas

Coal India Limited (CIL) has initiated the process for acquiring overseas coking coal mines in order to meet domestic demand. For this purpose, the company has floated a global tender for appointing merchant bankers for the identification and execution of asset deals. CIL has stated that the entire demand for coking coal and high-grade, low-ash thermal coal cannot be met through indigenous sources, owing to the limited availability of recoverable coking coal reserves and a near absence of high-grade, low-ash thermal coal reserves within the country. In a separate development, CIL will hold long-term special forward e-auction for power producers with a flexible lifting period of up to three years.