India's dependence on imports is particularly heavy on coking coal which is an important ingredient in the steel making process. "As part of the preparedness towards acquisition initiatives, empanelment of merchant banker/investment banker has been done to render assistance in acquisition process," the world's largest coal miner said.
Elaborating further on its initiatives for acquisition of coal mines overseas, the PSU said that Mozambique government has accepted its request for relinquishment of the prospecting
licenses for two coal blocks that CIL was given by the African nation.
Coal India Africana Limitada (CIAL), a wholly-owned subsidiary of CIL was granted prospecting licenses for two leaseholds, covering a total area of 224 sq km by the Ministry of Mineral resources, Government of Mozambique. "Based on exploration activities carried out in the license areas from 2012 to 2014, 170 sq km area having no occurrence of coaly horizons till a depth of 500 m, was surrendered to the Government of Mozambique," it said.
Based on this outcome of the study, CIL board approved complete surrendering of the prospecting licenses. "Pursuant to these directives of the board, applications for surrendering the remaining 54 sq km of the leasehold area for prospecting was submitted to the National Institute of Mines (INAMI), Government of Mozambique," it added.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.