India Industry Updates dated 05.05.2012

INDUSTRY UPDATES

India Industry Updates dated 05.05.2012

STEEL, METALS AND MINING

COAL

Government plans to set up fund for buying overseas coal assets

Coal Minister Sriprakash Jaiswal today said the government is planning to set up a fund for acquiring of coal assets abroad and urged public sector companies to be proactive in making decisions on foreign investments. The fund would be similar to a sovereign wealth fund. The Minister's comments come against the backdrop of severe coal shortage hurting power, steel and other sectors.