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NEW DELHI, Nov. 8 (UPI) -- India has decided to set up a special-purpose vehicle to acquire stakes in overseas coal mines.
Finance Minister P. Chidambaram said Thursday the Cabinet decided to float a special-purpose vehicle proposed by leading public-sector utilities to acquire stakes in overseas coal mines for meeting growing production needs.
“The Cabinet deliberated on the SPV formed by CIL, NTPC, RINL, SAIL and NMDC on Thursday," he said.
The federal Cabinet also approved the joint allocation of two coal blocks in Orissa state to six companies, including Reliance Energy and GMR, to meet their fuel requirements.
Chidambaram said the Coal Ministry offered Rampia and dip-side of Rampia blocks with gross reserves of 645 million tons to the six companies, which include Sterlite Energy, Mittal Steel, Lanco Group and Navbharat Power Pvt Ltd.
He said all companies have been asked to submit a mutually acceptable agreement within a month to the ministry, which will then take a final decision.
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