Thursday, January 15, 2009

PSU Majors Form Joint Venture To Acquire Global Coal Mines - Jan 15, 2009

Five Indian PSU companies on Wednesday inked an agreement to acquire coal mines across the globe through a joint venture.

The companies are -National Thermal Power Corporation (NTPC) along with Coal India Limited (CIL), NMDC Ltd, Steel Authority of India Ltd and Rashtriya Ispat Nigam Ltd. They would pool in Rs 3,500 as equity capital and along with this raise another Rs 6,500 crore debt for the acquisitions, officials said here after signing the agreement.

They said that the joint venture partners have already identified a few mines in Canada, Mozambique and Australia and are at advanced stage in bidding, they said.

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