MUMBAI–Coal India Ltd. is still awaiting federal government approval to acquire coal assets in the U.S., Indonesia and Australia, the chairman of the world’s biggest coal producer said Monday.
Nirmal Chandra Jha said the state-run company has identified an asset in each of the three countries with a value of up to 10 billion rupees ($224.71 million) each for potential acquisition, but is holding the plan for a lack of government approval.
He said Coal India has set aside 60 billion rupees for acquisitions in this financial year through March 31.
“Once the issues are explained and clarified by the government, we will go ahead with the acquisition plan that we have,” Mr. Jha told reporters on the sidelines of Coal India’s listing on the Bombay Stock Exchange’s Sensitive Index, which comprises the 30 most-traded stocks on the exchange.
Mr. Jha also said Coal India is continuing to hold negotiations with its workers for a revision of their wages.
Coal India had intended to complete talks with trade unions before a July 1 deadline.
“There was some problem, but negotiations are going on and we intend to close them as soon as possible,” he said.
source: dow jones