NEW YORK (TheStreet) -- The world's biggest coal producer, state-owned Coal India, is thinking about buying mining assets from U.S. coal producers Peabody Energy (BTU) - Get Report and Massey Energy (MEE) , according to AP.
says it was told by the global coal behemoth's chairman, Partha Bhattacharyya, that Peabody and Massey expressed interest in selling Coal India some of their mines.
"We are looking at that," Bhattacharyya told
However, he did not reveal where the mines were situated and the value of the possible deals.
According to the report, Coal India has $1.2 billion available through March to purchase coal assets in the U.S., Indonesia and Australia. Last month, the company generated proceeds of $3.4 billion through the largest IPO in India's history.
The company is eying foreign coal assets as it faces the challenges of meeting domestic coal demand.
said a growing number of Indian companies are looking to the U.S. to help fulfill India's commodities demand, as the country's economy continues to grow rapidlly.
-- Written by Andrea Tse in New York.
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