India-based Singareni Collieries is looking to acquire coal mines in overseas markets, including Indonesia and South Africa.

The state-owned miner intends to finalise plans by the mid of April, and seeks to buy mines with 100 million ton reserves, to produce five million tons a year.

During fiscal 2014-15, Singareni produced 52.54 million tons, a 4% increase compared to 50.47 million tons in 2013-14.

Business Standard quoted Singareni Collieries chairman and managing director Sridhar as saying: "We think this is the right time to enter into overseas acquisitions as the coal assets are available at lower prices owing to the fall in global coal prices."

The company is said to be in negotiations with public sector units, including Coal India over a possible partnerships as well as in talks with private sector companies to form joint ventures.

The Indian government has recently allocated Singareni with Naini coal block in Odisha in addition to previously allocated Talcher block. Naini coal block is said to host 500 million ton coal reserves.

Sridhar was quoted by the New Indian Express as saying: "To bridge the supply-demand gap, coal production has to be enhanced.

"We want to enhance the production and productivity by upgrading technology, better utilisation of machinery and manpower."

The company intends to increase its production capacity to 60 million tons during 2015-16, and plans to start exploration on three to four coal blocks of the newly identified 17 blocks.