The Hindu reported that seeking to venture into Australia, Indonesia and United States to scout for mineral resources, Coal India Limited board has approved the proposal to acquire stakes in unlisted firms overseas for valid offers.

The CIL board gave its approval to the issue in wake of the finance ministry having granted approval last month to CIL to go ahead with a buyout of overseas firms that are unlisted.

The board, while granting approval, said CIL could evaluate the offers if only they are valid.

In the first phase of the program, the company will take up three offers in Australia, Indonesia and the US.

CIL has put together a war chest of INR 6,000 crore for acquisition of mines.

(Sourced from thehindu.com)