NTPC Limited of India considers acquisition of coal mines in Mozambique and Indonesia

17 October 2011

Hyderabad, India, 17 Oct – NTPC Limited (formerly National Thermal Power Corporation) of India has hired a consulting firm to analyse the acquisition of medium-sized coal mines in Mozambique and in Indonesia, the Indian press reported.

“These deals have almost been concluded,” said a source from the company, which is India’s biggest electricity producer, declining to identify the consultants or the companies holding the rights on the two coal mines.

NTPC Limited needs 166 million tons of coal for the financial year ending 31 March, 2012, 16 million tons of which will have to be imported.

The company, which is considering leaving International Coal Ventures Pvt. Ltd (ICVL), a consortium of state Indian companies for the acquisition of foreign coal mines, seems now to favour establishing long term supply contracts and taking small stakes in foreign mines to secure coal for its thermal power plants. (macauhub)