NEW DELHI | Aug 04, 2016: State-owned CIL is looking at entering into a pact with a South African government miner to jointly acquire coal mines in that country.
"Coal India Ltd (CIL) is further considering signing of an MoU with a mining company owned by the government of South Africa to jointly undertake identification, acquisition and operation of coal assets in South Africa," Power and Coal Minister Piyush Goyal informed the Lok Sabha.
It had executed an MoU in 2011 with entities owned by provisional government of Limpopo, South Africa, for acquiring coal assets in that province, he said.
The minister further said that the Indian coal is not exported in international market and like-to-like comparison of Indian coal with international prices cannot be done.
The net sales value of the coal produced from CIL in the last fiscal was Rs 75,644.27 crore.
"No funds have been allocated by the Government for the development of various subsidiaries of CIL during the said period (2015-16, 2014-15 and 2013-14)," the minster said.
"However, claims for reimbursement for stowing excise duty under provisions of Coal Mines (Conservation & Development) Act, 1974 (CCDA) are permissible for stowing and protective works," Goyal said.
CIL accounts for over 80 per cent of the domestic coal production.
(Source: http://economictimes.indiatimes.com/)