India's largest power generation company, state-run NTPC, plans to acquire at least 26% in coal mines overseas to secure its long-term supply to its thermal power plants, shifting from its strategy to acquire only minority stakes in coal mines. In the current fiscal year ending in March 2015, NTPC plans to tie up for 17 Mt of imported coal.
The group, as other thermal power generators, has been suffering from very low coal reserves in the last few months, hindering its power generation, due to insufficient domestic coal supply. Coal India, the largest coal mining company worldwide, has failed to raise its production at the same pace as the soaring demand, prompting power generation companies to turn to coal imports: coal imports may soar by 14% to 152 Mt in 2014 according to estimates by Tata Steel and the Steel Authority of India. In June 2014, imports were 11% above their June 2013 level.
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