Coal Ministry not in favour of overseas acquisitions by ClL, says Pralhad Joshi

Kolkata: Coal minister Pralhad Joshi on Wednesday said his ministry was not in favour of overseas coal asset "acquisition" by Coal India Limited (CIL).

The minister said last year India imported 235 million tonne of coal and the forex outflow was Rs 2.71 lakh crore.

"As of now the thinking is, not to acquire assets and only to freeze the order in advance to get coal at a competitive price," Joshi said on the sidelines of the 8th Asian Mining Congress and exhibition here.

He said our intention and goal is clear, "we want domestic coal production."

Joshi had already advanced the one billion coal production target of Coal India by two years to FY24.

To a question on FDI in the PSU coal behemoth, Joshi reiterated that he wants Coal India to continue to be the largest coal-producing company "with" India.

CIL chairman A K Jha said Coal India was scouting for stakes in coking coal assets only.

He said Coal India was also working on Coal Bed Methane tender but it has not been finalised and would seek private participation to harness the asset.

Meanwhile, Pralhad Joshi on Wednesday inaugurated the 8th International Mining & Metals Exhibition concurrently with the Asian Congress in the midst of a cheerful delegation from Germany, Iran, South Africa, Czech Republic, Poland,, Russia, Sweden, UK and USA in the backdrop of India's move to fully open up Coal Mining to foreign players which shall help get latest technologies, reduce fuel shortage that have crippled the power sector and boost economic growth by attracting fresh investment.

"India's policy to open up Coal Mining shall support coal-based power generation capacity in India, which currently stands at 192 GW is expected to reach 330-441 GW by 2040", said Joshi.