Overseas coal block acquisition policy advocated

September 11th, 2008 - 10:07 pm ICT by IANS  

New Delhi, Sep 11 (IANS) India should draw up a policy so that Indian firms could be encouraged to acquire coal blocks overseas and secure supplies, said a senior Indian government official Thursday.Speaking at an industry conference, Planning Commission member (power) B.K. Chaturvedi said the major price differential between domestic and international price of coal had to be “adjusted” to make overseas acquisition attractive.

“It is important to develop a mechanism to increase our coal acquisitions overseas,” Chaturvedi said, adding that “domestic pricing on coal has to be adjusted”.

Indian power plants are facing a major shortage of coal, with domestic supplies not keeping pace with the demand.

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