The Silicon Review ^Asia

State-controlled Coal India is scouting for fresh investments in Russia, ET reported on Wednesday. In its latest development, it has inked deals with two Russian companies by signing MoUs.

The main goal of the deals is to explore coking coal mining in the areas of Arctic and Eastern Russia and help companies in their operations.

In the first MoU signed with a Russian non-profit organization called Far Eastern Agency for Attracting Investments and Supporting Exports (FEAAISE), it will assist them to carry out coking coal mining activities in the above-mentioned regions. 

The second MoU with Eastern Mining Company (FEMC)will pave the way for Coal India to scout invest opportunities in the mining sector in the areas of eastern Russia.

AK Jha, Chairman of Coal India and Leonid Gennadievich Petukhov, director-general of FEAAISE signed the MoUs.

From the past few months, the Indian company is seeking to buy coking coal assets in Australia, Canada, and Russia. In fact, it has found potential coking and semi-coking assets in Canada and Australia for analysis. To roll the dice, it may buy minority stakes in each of these assets.

The assets in Australia are working mines and on the other hand, the assets in Canada are ready to produce blocks where explorations are complete. 

For Coal India, this new deal is vital in terms of business expansion and sustainability.