Tue, 09 Aug 2011

From: Reuters

Aug 8 (Reuters) - Coal India , the world's largest coal miner, is looking at one acquisition each in Indonesia, Australia and the United States, its chairman said on Monday.

The likely size of each deal will be below 10 billion rupees ($223.5 million), and the company has set aside 60 billion rupees for acquisitions this fiscal year, N. C. Jha told reporters after shares in the company were included in India's main stock index .

The company has been in advanced talks with Indonesia's Golden Energy Mines to buy stake in its assets in a deal that could be worth as much as $1 billion, sources had told Reuters in May.

Coal India, which the market values at $55.7 billion, fell as much as 3.7 percent to 378.20 rupees in the Mumbai market that was down 2.5 percent. The stock is up about 25 percent so far this year. ($1 = 44.735 Indian Rupees)