Mozambique: India plans to acquire coal mines

13 March 2008

New Delhi, India, 13 March – Indian state-owned power and mining companies plan to acquire foreign coal mining rights, particularly in Mozambique, India’s Coal Minister said Wednesday in New Delhi.

Speaking in parliament, minister Dasari Narayana Rao said that NTPC, Steel Authority of India, NMDC< Rashtriya Ispat NIgam and Coal India would set up a joint venture to acquire foreign assets. Rao also said that, aside from the joint venture, Coal India planned to independently acquire foreign coal mines. India and China are expected to be responsible for a 73 percent rise in world demand for coal in by 2030 to 4.994 billion tons, according to the International Energy Agency. (macauhub)