Hyderabad, India — ESI-AFRICA.COM — 17 October 2011 – India is considering the acquisition of medium-sized coal mines in Mozambique and Indonesia to help provide the country with sufficient fuel to drive its energy industry.
NTPC “’ formerly the National Thermal Power Corporation of India “’ has hired a consulting firm to analyse the acquisition of medium-sized coal mines in Mozambique and in Indonesia, the Indian press reported.
“These deals have almost been concluded,” said a source from the company, which is India’s biggest electricity producer, declining to identify the consultants or the companies holding the rights on the two coal mines.
NTPC Limited needs 166Mt of coal for the financial year ending 31 March, 2012, and 16Mt will have to be imported.
The company “’ which is considering leaving International Coal Ventures Pvt. Limited, a consortium of state Indian companies for the acquisition of foreign coal mines “’ seems now to favour establishing long term supply contracts and taking small stakes in foreign mines in order to secure coal for its thermal power plants.