Coal India Said to Revive Overseas Mine Search: Corporate India

Coal India Ltd., which failed to use any of its $12 billion cash to buy mines overseas in the past five years, is renewing efforts as demand soars from power producers, said two people familiar with the plan.

Seven stake-sale proposals from Indonesia and Australia are being considered and initial offers will be sought this week, said the people, who asked not to be identified, citing confidentiality terms. The state-owned company was unable to overcome bureaucratic hurdles to clinch as many as four deals abroad two years ago. It now plans to open a unit in South Africa next month to study asset prospects, the people said. Spokesman Devendra Prasad declined to comment.