PTC India to acquire coal mines in Australia, Indonesia

New Delhi, June 8 (PTI) Indian state-owned Power Trading
Corp Monday said it would acquire coal properties overseas and
has identified mines in Australia and Indonesia for the
purpose.

"We are looking for coal blocks abroad and have
shortlisted mines in Australia and Indonesia where the fuel is
available in abundance," CMD Power Trading Corp T N Thakur
told reporters here.

"Ideally, if we can have (acquire) an asset that can give
us 15 million tonnes of coal every year," he added.

However, he declined to give further details.

"Whether the company would acquire the mines on its own
or through its wholly-owned subsidiary PTC Energy Ltd, will be
decided later," Thakur said.

The company plans to import the dry fuel from the
properties it may acquire abroad and sell it in India.

PTC has already committed 1.5 million tonnes of coal
annually to two power projects with a capacity of 250 MW, in
the country for the next 25 years.

The company has received request for supplying coal to
power projects with nearly 5,000 MW capacity.

"We have requests from 5,000 MW power projects but we
have not committed anything as of now... we want to buy the
properties overseas to meet that kind of demand," he said.

PTC Energy, a wholly-owned subsidiary of PTC India has
been set up to undertake various activities related to
development of power and other sources of energy.

"PTC Energy has equity in wind as well as solar power
projects," Thakur said.

The subsidiary has laid down plans to enter into the
business of power generation, distribution, import of coal
and others. It shall procure coal for various power plants and
pay an energy conversion charge to the independent power
producers (IPPs). PTI MEG
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