Coal India Limited is planning to acquired nine coal blocks in overseas countries such as Mozambique with and estimated outlay of Rs. 4000 Crores during the current financial year.
As per the annual report of Coal India Ltd:
Capital expenditure for 2013-14 has been envisaged at Rs 5,000 crore plus additional ad-hoc provision of Rs 4,000 crore for acquisition of coal assets abroad and development of coal block in Mozambique.
For the 12th Plan (2012-2017), CIL proposed a capital outlay of Rs 25,400 crore and additional Rs 35,000 crore for acquisition of assets and development of Mozambique block.
According to sources, CIL is currently examining 17 investment proposals from among 32 offers received earlier this year from overseas mining companies.
Environmental clearance from the Mozambique government for carrying out exploratory drilling was received in July 2012.
Since then, geological mapping for the entire allotted coal block by a consultant has been completed and drilling contract for 40,000 metre has been awarded till June.
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