Coal India Ltd is in talks with U.S. mining corporations aimed at buying stakes in coal mines; Cairn Energy Plc not sure about closing the deal with Vedanta Resources
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    • According to its Chairman, Partha Bhattacharya, India’s largest Cola producer, Coal India Ltd. is in talks with U.S. miners Peabody Energy Corp. and Massey Energy Co. to buy stakes in coal mines with long-term off take agreements. The state-run Indian company has been seeking to secure coal assets overseas to meet growing demand from local utilities, which aim to add 113 gigawatts of power generation capacity over the next seven years. India currently has a power generation capacity of 164 gigawatts.1

    In other developments in the energy sector, Cairn Energy is in doubt over whether it will be able to close the deal with Anil Agarwal’s Vedanta Resources on the sale of its stake in its Indian outfit. Cairn appeared to be showing a hint of uncertainty after a senior executive of the Cairn Energy is selling 40-51 per cent out of its 62.38 per cent stake in Cairn India to London-listed Vedanta Resources for $8.48 billion.2

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