India's state-run Steel Authority of India Ltd (SAIL) says it is keen to acquire operational and exploration licenses for overseas coking coal mines to prevent it from being impacted by variations in raw material prices.
SAIL chairman SK Roongta said the metal producer is currently in negotiations with Indonesian, New Zealand, Australian and Mozambique firms, according to Reuters.
"We are looking to secure 30-40% of our coking coal needs through acquisitions," Roongta said.
SAIL says it will make a $2.18bn investment in the current financial year and would increase capacity by one million tonnes through upgrades.
Until 2012, the steel maker will invest $13bn to increase capacity by nine million tonnes.
SAIL's coking coal requirement per annum is currently 15 million tonnes.