Coal India to hire consultants for acquiring mines overseas

New Delhi, Jan 17 (PTI) State-run Coal India Ltd (CIL) has invited expression of interest (EoI) for hiring consultants who will assist the public sector firm to acquire coal resources abroad. "In its pursuit of acquiring coal resources abroad, CIL intends to create a panel of internationally reputed tax and accounting consultants to assist CIL in this mission," the company said on its website. The EoIs, which opened early this month, will close next month, it said. The PSU has put together a war-chest of Rupees 60.0 billion (about USD 1.2 billion) for acquisition of mines overseas. The development came in the wake of Finance Ministry approval for the public sector firm to go-ahead with buyout of overseas firms that are unlisted. The company will take up three offers -- in Australia, Indonesia and the US, an official in CIL had said earlier. Coal India is eyeing mines overseas in order to bridge the demand-supply gap in coal which is likely to touch 142 million tonnes during the current 2011-12 fiscal ending March 31 next. According to India's Planning Commission, this gap is likely to reach about 200 million tonnes in 2016-17. PTI