(2015-07-07) Coal India Coal India is reportedly planning to relinquish 75% of the area in the two coal blocks it had acquired in Mozambique about six years ago.
The move comes as local government’s decision to increase charges of holding the blocks.
Coal India had won a five-year licence for exploration and development of A1 and A2 blocks in Mozambique’s north-western province of Tete six years ago.
In a board meeting it was decided that foreign subsidiary of Coal India, Coal India Africana Ltd, will about keep 54 sq km of the 205 sq km blocks that it had earlier acquired.
Source: IIFL / India Info Online
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