State-run Coal India Limited (CIL), the world's
largest coal miner, has invited bids from investment bankers and other interested parties for acquisition of coal assets overseas.
"Coal India seeks Expression of Interest from investment bankers, owners or owner's representatives for acquisition of coal assets abroad," the company said in a notice.
CIL accounts for 80 per cent of domestic production and is unable to satisfy the growing demand for coal in the country, resulting in the need for more imports. Acquisition of its assets abroad will help the coal behemoth to meet the demand-supply gap.
During the third quarter of this financial year, coal production at 117.37 million tonnes witnessed a nominal 2.4 per cent growth compared to same period previous financial year.
CIL Chairman S. Narsing Rao had recently said the company would miss its production target for the current financial year by up to six million tonnes.
The coal minor reported a 8.85 per cent rise in
net profit for the quarter ended December 31, 2012, to Rs 4,395.11 crore from Rs 4,037.76 crore for the like period a year ago.
With inputs from IANS 
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