Coal India Ltd has approached NTPC for a firm order for import of four million tonnes thermal coal. The power major had previously issued a letter of intent to CIL in this regard. Firm orders were also sought from other power utilities.According to sources, while discussions are on with NTPC to work out the modalities of import, CIL has initiated the process of finalising the tender document. Discussions are also on a fast track with a number of prospective suppliers from Australia and Indonesia in this regard.“Discussions are on with NTPC to mitigate some differences on the modalities of import. Anticipating the discussion (with NTPC) to reach a positive end soon, we are going for full preparedness to effect the imports as soon as we receive the firm order from the power major,” a CIL source told Business Line.The CIL Chairman, Mr Partha S. Bhattacharyya, had previously said that the company would enter into a memorandum of understanding with Shipping Corporation of India in December to form an import logistics joint venture.
Overseas acquisition
Meanwhile, CIL is in the process of finalising a fresh list of investment bankers to assist the company in acquiring coal-equity in Indonesia, Australia, USA and South Africa.According to the norms set by the company, the merchant bankers having experience of striking at least two coal asset acquisition deals, each worth $ 500 million or more will be eligible for listing with CIL.The initiative, which was launched in mid-November, is expected to end next week
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