State-miner Coal India Limited’s (CIL’s) planned investment in overseas coal assets is facing stiff speed-breakers, with global merchant bankers unwilling to take up an advisory and due diligence mandate of so-called ‘dirty fuel’.
Last year, the miner floated a tender to appoint merchant bankers to act as financial advisers and conduct due diligence for its targeted acquisition of interests in coal blocks in Australia, Russia and Canada. However, it has been unable to conclude an agreement, against the backdrop of large number of global merchant bankers taking decision to disassociate with coal.