The Indian public sector companies are planning to acquire coal mines abroad with a huge investment of Rs 3500 crore (Rs 35 billion) to meet country's demand of steel industry and power sector.
In a written reply in the Lok Sabha Minister of State for Coal Dasari Narayan Rao said, the government has given approval for the formation of a Special Purpose Vehicle (SPV) to Steel Authority India Limited (SAIL), Rashriya Ispat Nigam Limited (RINL), National Thermal Power Corporation (NTPC), Coal India Limited (CIL) and National Mineral Development Corporation (NMDC) for acquiring coal mines to make reserves of coking coal and thermal