Coal India, the public sector monopoly did not find coal in Madagascar, so it’s buying mines in Australia.
Why would anyone invest in Coal Mines at this juncture? Coal is being used less and less across the developed and developing world. Therefore, it would be better to purchase coal rather than buy coal mines. Public Sector managers typically have a very short horizon and politicians appear to know no better. Buying Coal mines does not make economic or financial sense. But who can convince Coal India?