India’s Bureaucratic Delays Stall Overseas Coal Purchases

Bloomberg reported that India is struggling to complete purchases of overseas coal assets due to its own convoluted approval process.

As quoted in the market news:

In one would-be deal, International Coal Ventures Ltd., a venture of state-owned companies, had to run a gauntlet of seven ministries and a committee, called the Empowered Committee of Secretaries, to seek approval to buy a coal mine in Australia, two people with knowledge of the matter said. The company is still awaiting a sign-off after four months.

Click here to read the full Bloomberg report.