Coal India plans $1 bn capex for next fiscal: chairman

Coal India has earmarked 46 billion rupees ($1 billion) as capital expenditure for the next fiscal year beginning in April 2011, its chairman said on Thursday. The company will use its cash reserves for overseas acquisitions , Partha Bhattacharyya told reporters. 

Earlier in the day, shares in the world's largest coal miner rose 30 percent on their trading debut, after the Indian government raised $3.43 billion in the country's largest ever initial public offering.

Coal India has submitted non-binding bids for two to three coal mining projects in Australia and Indonesia, a senior official said on Thursday."We have submitted the non-binding bids...now we have to wait for another two months," finance director A.K. Sinha told reporters after the company made a strong stock market debut with shares rising more than 37 percent.Sinha declined to give any financial details of the bids.