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India's SAIL eyes overseas coking coal mines

Tue Nov 17, 2009 1:36am EST

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KOLKATA, Nov 17 (Reuters) - State-run Steel Authority of India Ltd (SAIL.BO) is looking at acquiring licenses for coking coal mines abroad to protect itself from fluctuating raw material prices, its chairman said on Tuesday.

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The company is in talks with firms in Australia, New Zealand, Mozambique and Indonesia, S.K. Roongta told reporters.

"We are looking at both operational and exploration licenses. We are looking to secure 30-40 percent of our coking coal needs through acquisitions," he said.

The company's annual coking coal requirement stands at 15 million tonnes, he said. (Reporting by Niladri Bhattacharya; Editing by John Mair)

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