The company said it was prepared to launch bids for coal blocks at auction of reserves set to be held by the Coal Ministry.
IPCL chairperson Hemant Kanoria was quoted by Mining Weekly as saying, "We are looking at coal mines already in operation or nearing production in South Africa and Indonesia."
"A few proposals for some assets are being examined and due diligence is under way."
"Our target is 100% buy-back of coal from mines having reserves of 5-million to 25-million tonnes."
The company plans to enter into short-term agreements with Indonesian coal asset owners for sourcing coal.
