British-Australian multinational firm Rio Tinto set to join in Indian coal buy-up

Rio Tinto is one of a number of companies, including GVK, seeking to sell equity in their coal mines to government-owned Coal India Ltd.

A report in the business newspaper Mint said Coal India Ltd has received at least 60 proposals from companies such as Rio and GVK, to sell it some of their global coal assets.
Coal India has an estimated $US6.65 billion to invest in coal mines over the next five years according to the report, as India prepares to import a rising volume of coal.

“There are a certain number of Indian firms as well who have approached us for their assets in Indonesia and Australia,” the report quoted a company executive as saying.
Coal India unit Coal Videsh was earlier involved in talks with global coal firms such as Peabody Energy Corp and Rio Tinto to form a strategic alliance to mine coal in Australia, the US, South Africa and Indonesia, the newspaper reported.