The sponge iron manufacturer and operator of power plants is currently constructing an integrated steel plant with a capacity of 1.5 million ton at Raigarh, reported Business Standard.
Monnet mining business chief executive officer NC Jha remarked that the upcoming acquisition is likely to close within the next two months.
Jha also highlighted that the operating mine generates high quality coking as well as non-coking coal.
The company is also developing a 1,050MW power plant in the state of Orissa, complementing its goal to expand power generation capacity by another 2,000MW within 2 years.
The Monnet Group plans to invest a total of INR27bn ($491m) in 2012-2013 to propel its growth.
