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NTPC to buy coal blocks overseas


Published: May 9, 2008 at 11:42 AM
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NEW DELHI, May 9 (UPI) -- State-run National Thermal Power Corp. is looking to buy coal blocks in Indonesia, Mozambique and South Africa to bridge the fuel supply shortfall.

NTPC Chairman and Managing Director Ram Sharan Sharma said Friday, "We have ambitious capacity addition targets and the priority for me is to secure fuel supplies."

India's power-generation major imports about 2 million tons of coal out of its total requirement of 110 million tons to fire its thermal power plants. It is looking at buying coal mines abroad that can give up to 20 million tons of coal yearly.

"We are exploring the possibilities to coal mines in Indonesia, Mozambique and South Africa," he told the Press Trust of India. NTPC requires about 5 million tons of coal for its projects.

It has formed a joint venture firm Coal Ventures International Ltd., with Steel Authority of India Ltd., Rashtriya Ispat Nigam Ltd., Coal India Ltd. and National Mineral Development Corp. to acquire coal mines overseas. Tata Power and Reliance Power, two major competitors of NTPC, have acquired coal blocks in Indonesia.

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