Commercial coal mining for pvt sector to cut import dependency: Vedanta

Don't want to miss the best from Business Standard?

Mining baron Anil Agarwal on Friday said commercial coal mining for the private sector in the country will help in cutting down import dependency and his firm Vedanta Ltd will look for opportunities once it begins.

Also, Agarwal said Vedanta is keen to participate in auction of iron ore in future.

In a major reform in the coal sector since its nationalisation in 1973, the government last year in February had allowed private companies to mine the fossil fuel for commercial use, ending the monopoly of state-owned Coal India Ltd (CIL).

The Centre had termed the move of opening up of commercial coal mining for the private sector as the most ambitious coal sector reform since the nationalisation of this sector.

"Import of coal is a sin. We (India) already have huge reserves of coal. In exchange of import, huge money goes out of the country," Agarwal told PTI on the sidelines of an Assocham event here.

He further said: "Today we can double the production of Coal India and in coming days more mines open so we don't import coal. If commercial mines will be opened we will for sure look for them".

Vedanta, he said, will also participate in the auction of iron ore mines in future.