Coal India Chairman P. S. Bhattacharjee said that talks had progressed between CIL and Peabody for entering into an equity-cum-offtake arrangement with the company for buying into one of its Australian assets. Some progress had also been made with an Indonesian company.

As regards plans to take equity in a mine owned by Massey Energy of the U.S., he said that there was some uncertainty as the company itself was reportedly up for sale.

While the investment bankers were doing the due diligence, technical consultants have also been appointed for the joint venture proposals. CIL has also received 30 bids for long-term offtake arrangements without equity participation with all coal majors offering their product. This may be discussed at the next board meeting.

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