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Our Bureau

New Delhi, March 27

RITES and Power Finance Corporation (PFC) have joined hands to provide advisory services to Indian companies interested in acquiring mining rights in other countries (particularly African countries) and import coal.

RITES, a multi-disciplinary public enterprise under the Railway Ministry, has signed an MoU with PFC to work out cost-effective transportation system for movement of the fuel within the country and imports, said a press release.

As per the agreement, both the firms would work together to facilitate import of coal from African countries and elsewhere, to address the problem of power deficit and to fill the demand and supply gap in availability of coal for the thermal generation plants in the country.

Currently, RITES is engaged in the rehabilitation, operation and maintenance of the railway network for 25 years in Tanzania and Mozambique. In the special purpose vehicle (SPV) in Tanzania, RITES has 51 per cent stake and while in the Mozambique SPV, RITES has 26 per cent stake.

The Railways subsidiary will identify countries from where possibility of owning coal mining exists, excavation and transportation of coal is feasible for export of coal to India, it added.

More Stories on : Overseas Investments | Coal | Consulting

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