Sydney, Sep 4 (Inditop.com) Indian minister Sri Prakash Jaiswal is in Australia to search for “some foreign coal” so that his country’s energy needs are met. Jaiswal, who is India’s minister of state for coal, has visited coal mines in New South Wales and Queensland.
He told ABC News Friday: “It’s my duty to visit all the countries where coal is available, and Australia is one of those countries where coal is available and superior quality coal is available.”
Jaiswal said India is looking to secure more coal because more than half the nation’s electricity comes from coal fired plants.
“So we are in search of some foreign coal,” he said.
He observed that though Chinese companies have already been making acquisition moves in the Australian resource sector, he does not think that India will be disadvantaged.
“That doesn’t make any difference. Our relationship, India and Australia’s relationship is very strong, and very old,” he was quoted as saying.
Arun Kumar Jagatramka, Chairman of Gujarat NRE Australia, said there is strong demand for both coking coal and the coal used to make electricity.
“They’re growing at a very fast rate, and India does not have enough resources to feed that demand,” he was quoted as saying.
“From that perspective, Australia has all the resources and Indian industries and Indian companies do need to take a long-term view, do need to invest in resources and infrastructure and the level of infrastructure in Australia to be able to meet the longer-term demand that is coming in India.”
Jagatramka says that China’s earlier entrance into the Australian resource market is actually more help than hindrance for Indian companies.
“It is like China has already lubricated and prepared the venue for us, we only have to land.”
