The company said in a statement that it looks to develop coal blocks in Mozambique as well as acquire coal assets in other countries outside India.
For the Twelfth Five-Year Plan (2012-17) Coal India proposed a capital outlay of INR254bn ($4.19bn), along with an ad hoc amount of INR350bn ($5.7bn) to buy coal blocks abroad as well as develop assets in Mozambique.
Mozambique government provided environment permit to Coal India to carry out exploratory drilling in July 2012.
Since then, the company completed geological mapping for the complete coal block allocated by a consultant and awarded a drilling contract for 40,000m until June.
Meanwhile, Coal India also decided to reduce sales through its e-auction in order to boost supply to power sector.
