Business

India's Ministry of Coal targets Australia for investment

INDIA'S powerful Ministry of Coal has named Australia as a potential target as he told the country's mining firms to "be more aggressive" in securing mining projects internationally.

The sub-continent is desperate to secure more supplies of thermal coal - used to generate electricity - as it grapples with a population demanding more access to power and amenities.

In his speech as Minister of Coal, Sriprakash Jaiswal said on Wednesday that while India's state-owned Coal India Limited had done well to snap up coal-rich areas in Mozambique, it was the country's enterprising powerhouses that would need to up the ante.

Private companies had been successful in acquiring the assets in countries like Indonesia, Australia, South Africa and South America, he said.

"We need to be aggressive in this regard from (a) long term energy security point of view."

Indian investment in Queensland is already booming, with the country's investors spending more than $71 million in the previous financial year to buy parcels of land.

That makes India the sixth largest international property buyer targeting the state.Infrastructure and coal juggernauts GVK and Adani - both major Indian powerhouses - are also funnelling billions into building enormous coal projects in the Galilee Basin west of Rockhampton.

Alongside Gina Rinehart's Hancock Prospecting as GVK Hancock, the giant will export to much of Asia through the Port of Abbot Point north of Bowen.

Adani's coal has already been secured to be delivered to an Adani-owned port from Abbot Point to then be used for power generation in India.

Federal Resources Minister Martin Ferguson met with the Indian government and major coal companies late last year.

"I am therefore not surprised by the Indian Minister's comment as I'm regularly informed of India's desire to invest in Australia," Mr Ferguson said.

"We welcome foreign investment, similar to that of Adani and GVK, provided the interested parties are approved by the standard regulatory processes."

Both GVK Hancock's Alpha Mine and Adani's Carmichael Mine are aiming to export coal from Queensland in 2016.

Topics:  coal, foreign investment, india, mining




One believed dead after crash

Crash on Wentworth Terrace, The Range.

Pedestrian hit by car in south Rockhampton

Both lanes blocked due to two vehicle crash

THE road is blocked at the scene of a two vehicle crash

Cyclones victory sets up championship tomorrow night

The victory means the Cyclones only need to win again tomorrow night to secure back-to-back QBL championships.

The Cyclones were in total control for most of the match

Latest deals and offers

John Krasinski has better sex now he's in good shape

John Krasinski says there's at least one good reason to get jacked

Kanye West gets 'free reign' at VMAs

Kanye West has been let off the leash for the VMAs

Robbie Williams sings at manager's funeral

Robbie Williams and Lamar sang at the funeral of their manager

Twice as much Troy will please country music lovers

CATCH HIM WHILE YOU CAN: Singer Troy Cassar-Daley plans to take some time off to spend with family next year.

TROY Cassar-Daley is releasing a new album and book.

Courtney Stodden gets Reborn Doll

Courtney Stodden is trying to get over her recent miscarriage

Kate McKinnon 'destitute' before SNL

Kate McKinnon says she can't do anything but act

REVEALED: Pat Rafter's $18m Coast house on the market

Check out the photos of the Coast's most expensive property for sale

The "correction we had to have" in Gladstone's rentals

UPWARD MARCH: The rental vacancy rate in Gladstone has improved for the first time in more than a year, providing a confidence boost in the market.

Vacancy rates improve with signs that things are getting betterF

ISLAND FOR SALE: Cheap Fraser Coast island drops price again

Suna Island in the Great Sandy Strait will be auctioned by Ray White Hervey Bay on Saturday morning.

This is the cheapest island you will find for sale in Australia

How a family home can fit on a 250sq m block

This is what you can build on 250m2.

Here's the floor plan of a home built on 250sq m

$100m plan for Curtis Island 'world class' luxury resort

$100 million resort: Top views at Turtle Street at Curtis Island.

"At the moment we think it meets all the town planning approvals.”

Noosa mayor on "red alert" over planning court decision

Mayor Tony Wellington hands down his first budget.

Mayor upset at lack of say about look and feel of Noosa