Coal India earmarks over Rs 10,000 cr capex for FY'12

“We have set aside Rs 6,000 crore for acquisitions and Rs 4,220 crore on developing different projects within the country,” CIL CMD N C Jha said.

The cash-rich company, the world’s largest coal producer, would not require to raise any funds for financing the proposed capex, which would be financed entirely through internal accruals. Jha said the company was hopeful of signing deals for three acquisitions in Australia, the US and Indonesia within the next six months. “We are at advanced stages of negotiation for buying coal blocks in Australia, the US and Indonesia and the deals could be signed within the next six months,” he said. The acquisition of overseas coal blocks, having reserves ranging between 50 million tonnes (MT) and 150 MT,  would help CIL bridge the ever-increasing demand-supply gap within the country.

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