Kolkata November 06,2019 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 told PTI 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.”
“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 Mr. Joshi while addressing the delegates of IME 2019 at the Eco Park exhibition grounds. In captive mining for coal, companies are permitted to set up coal processing plants such as washeries of coal that are for specified end users, including the setting up of power plants, fertilizers and steel units.
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.
“IME 2019, an institutionalized event has been envisaged as a catalyst for the development of Mining, Mineral, Metal and allied sectors in India”, said, Mr. IP Wadhwa, Chairman of the exhibition organizing committee. “This prestigious biennial international event of the sector, is one of the largest shows of its kind in this part of the world. It is an ideal platform for the global Mining, Mineral and Metal producers, and other stakeholders of these industries to congregate, display products, exchange technology, negotiate business for mutual business development.” Wadhwa further added.
There are more than 250 exhibitors displaying their equipment, products, technologies, innovative applications and R&D. Interactive Buyer-Seller Meet is providing the Industry leaders take Innovation to next level – students to showcase their projects under ‘Innovation / Start up Pavilion’ .
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.