Bloomberg reported that JSW Steel Ltd may spend USD 500 million buying coal mines overseas to secure supplies for its local expansion.

Mr Sajjan Jindal MD of JSW said that the company is seeking mines in nations including Australia and South Africa.

He added that JSW Steel plans to source half of its coal overseas.

The report added that JSW Steel is looking at new locations after failing to find coking coal at its exploration project in Mozambique.

(Sourced from Bloomberg.net)