The world’s biggest coal miner is likely to hold on to its crown for now even as competition increases in India, which opened its doors to foreign miners to boost output and curb surging imports.
The South Asian economy will allow 100 per cent foreign direct investment in mining and sale of coal, commerce and industry minister Piyush Goyal told reporters in a briefing Wednesday, giving final shape to a reform he introduced as minister for coal in 2014. While that opens up the sector to private companies, both Indian and foreign, it will be a while before it reduces the dominance of monopoly producer Coal India Ltd., according to analysts with Emkay Global Financial Services Ltd.
