By RAJESH ROY
NEW DELHI -- India's International Coal Ventures Pvt. Ltd., a joint venture of five state-run companies, plans to bid for developing huge coal reserves in Mongolia's Tavan Tolgoi mining deposit, government officials and industry executives said Thursday.
The consortium is lining up for a tender offer by the Mongolian government scheduled Jan. 17 to develop part of the Tavan Tolgoi mine in the southeast of the country, which contains some of the world's largest unexploited reserves of the steel making fuel.
A share of the deposits will help the Indian companies secure coal supplies to power an expanding economy. Indian companies have been scouting for coal assets overseas as local production is insufficient to meet demand.
India's coal production in the current financial year ending March 31 is estimated at 573.42 million tons against a demand of 656.31 million tons. The shortfall will have to be met through imports.
Write to Rajesh Roy at rajesh.roy@dowjones.com
Source:Dow Jones, News Service
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