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Coal India seeks Singapore trading office for critical minerals and iron ore
The plan would be Coal India’s first trading office outside India and is aimed at supporting critical minerals expansion, potential overseas acquisitions, and its iron ore business.
Coal India, the world’s largest coal producer, has applied to set up its first overseas trading office in Singapore, Reuters reported, citing sources involved in the discussions.
The proposed trading hub would focus on critical minerals and iron ore, with Coal India seeking Singapore’s approval for the new operation.
The move comes as several major state owned Indian companies look to acquire strategic minerals assets overseas to support rising demand and reduce dependence on Chinese supply, Reuters said.
Coal India’s Singapore expansion is expected to help it grow its critical minerals business, pursue asset acquisitions outside India, and bolster its iron ore operations, Reuters reported, adding that Indian firms are also searching for bauxite and lithium assets in places including Chile and Australia.