Indian Coal Secretary Anil Swarup informed that the Indian Government is contemplating to acquire coking coal mines in South Africa to spur the steel industry in the country.
The PM is in talks with concerned authorities over the issue,he said.
The acquisition would help India to increase the steel production in next three years. Swarup said, India wants to be independent on import of coal import in order to expand steel industry.
He added, recently the Coal India had urged the Centre to ensure a steady supply of coal and to take measures in order to spur the output of steel industry in the country.
Followed by the request of CIL, the Centre assured the CIL to take all the necessary steps to triple steel production capacity to 300 million tonnes by next decade.
Swarup said, the country had imported around 80-90 million tonnes of coking coal in the last fiscal.
He stressed to consider it if such amount of coal can come through a mine owned by Coal India.
The Coal Secretary excused to disclose the amount Coal India will invest in the acquisition process. Anyhow, he clarified that funds would not be an issue.
India was also in talks to establish nationalized sector and allow private players to mine and sell coal, he informed.
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