Steel Authority of India Ltd said it is considering buying coking coal mines in Australia, Indonesia and Mozambique with an Indian government joint venture.
Mr SK Roongta chairman of SAIL in an interview said that “We are looking at several opportunities but I can’t discuss the names. I can’t set a timeline but we would like it to happen at the earliest.”
Mr Roongta said that Steel Authority one of five companies in the International Coal Ventures Private Ltd venture is boosting steel output to meet domestic demand that will continue to grow. Steel demand in India may rise 8.9% in 2009 and 12.1% in 2010.
Mr Roongta said that “India will continue to grow for years because we are a developing country. I don’t see, in the near future, steel demand leveling off.”
He added that the venture has USD 750 million in capital and USD 1.5 billion in borrowings and plans to spend USD 2.2 billion to investments.
(Sourced from http://www.steelguru.com/news/index/2009/10/15/MTE1OTcy/SAIL_considering_buying_coking_coal_mines_abroad.html)
Wednesday, October 14, 2009
SAIL considering buying coking coal mines abroad
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