Coal India eyes further acquisition in Mozambique

September 20th, 2011 - 10:50 pm ICT by IANS  

Kolkata, Sep 20 (IANS) State-run Coal India Ltd. (CIL) is eyeing further acquisitions in Mozambique, an official said Tuesday.

“Initiatives have been taken to operationalise Coal India Africana Limitada (CIAL) to oversee exploration and development of coal blocks already under possession and to venture into further acquisition initiatives in Mozambique,” CIL chairman N.C. Jha said during the 37th annual general meeting of the company here Tuesday.

The company currently has two exploratory blocks in the African country.

CIL had won the twin blocks in August 2009 through a global tender floated by the Mozambican government.

CIAL, a wholly-owned subsidiary of CIL, was registered in August 2009 in the African country for investment in coal resources. The licence allowed the Indian company to explore and develop the coal blocks over a period of five years.

“In Mozambique we will start exploring,” Jha added.

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