CIL in talks for 10% Peabody stake | business | Hindustan Times
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CIL in talks for 10% Peabody stake

business Updated: Dec 01, 2010 22:27 IST

State-run Coal India on Wednesday said it is in advanced talks to buy 10% stake in the US-based Peabody Energy Corp's asset in Australia.

“They (Peabody) have offered us 10% in one of their coal producing mines in Australia,” said Partha Bhattacharya, chairman, Coal India. “Peabody is going ahead, it is narrowing down something (that) may get finalised this fiscal,” he said.

The company had last month put the deal cost at less than $200 million. The Navratna company, which has been scouting for coal mines abroad, has earmarked R6,000 crore for this purpose in the current fiscal.

The company is also negotiating with US firm Massey Energy and Indonesian Novem/Sinarma, for a possible partnership for their respective mines in the US and Indonesia.

During April-September this year, Coal India has reported a net profit of Rs 4,020 crore and a net sales of Rs 22,525.5 crore.