Expert group to ready road map for Coal India's foreign buys
The ministry also plans to leverage India's bilateral and multilateral ties with other nations for such takeovers, according to a note prepared by the ministry.
By ET Bureau | Updated:
KOLKATA: The coal ministry will outline a road map to help state-run Coal India acquire assets abroad. The ministry also plans to leverage India's bilateral and multilateral ties with other nations for such takeovers, according to a note prepared by the ministry.
"The ministry proposes to form an expert group for preparing and implanting the road map with representative from Coal India, the ministry of external affairs and the department of economic affairs," the note said. An action plan will be drawn based on the recommendations of the expert group by October this year, the note added.
The ministry will set up another expert group, which will suggest ways to win the support of other countries in making such takeovers. This group will offer its recommendations by June 2012, the note said. A joint secretary in the coal ministry will be appointed the nodal officer for the two groups, whose progress will be monitored and reviewed quarterly by the ministry.
Coal India has been trying to acquire coal assets abroad for the past several years, but has succeeded in buying only one exploratory block in Mozambique so far.
"The ministry proposes to form an expert group for preparing and implanting the road map with representative from Coal India, the ministry of external affairs and the department of economic affairs," the note said. An action plan will be drawn based on the recommendations of the expert group by October this year, the note added.
The ministry will set up another expert group, which will suggest ways to win the support of other countries in making such takeovers. This group will offer its recommendations by June 2012, the note said. A joint secretary in the coal ministry will be appointed the nodal officer for the two groups, whose progress will be monitored and reviewed quarterly by the ministry.
Coal India has been trying to acquire coal assets abroad for the past several years, but has succeeded in buying only one exploratory block in Mozambique so far.
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