India to have a coal exchange soon, says Coal Minister G Kishan Reddy

The country will soon have its own coal exchange, the union minister for coal and mines, G Kishan Reddy, said on Monday.

"We held an internal review meeting last week on plans to set up a coal exchange. It will soon be formalised for marketing and determining the rates of coal in India. As a major producer of coal, India doesn't want to depend on other countries to fix coal prices," Reddy said.

The minister was speaking on the sidelines of an event organised by the ministry for coal mining stakeholders.

Reddy also highlighted the need to decrease coal imports. "We are increasing coal production in view of the rise in imports over the past two months," he said.

The country has been eyeing a coal exchange of its own for several years; however, the lack of regulations and a coal price benchmark has prevented the plan.