In February, Coal India said it remained on track to meet its supply target for the year.
"We are not pursuing any new coal project," Arvind Misra, India Resources managing director, was quoted as saying by The Economic Times. "We have decided to get out of coal for the time being due to inordinate delays in getting mining leases."
The India-focused Australian mining company, after successfully reviving the Surda underground mines of Hindustan Copper in 2007, is actually the only foreign contract miner allowed so far to operate in India. The coal-hungry nation had attracted a number of foreign companies such as Thiess of Australia's and mining major Kopex from Poland, but these have yet to materialise.
India Resources secured a contract in October 2011 to develop a captive coal mine of Prism Cement in Madhya Pradesh.
India's mining reputation has been spoiled by procedural delays and allegations of corruption.
Meanwhile, India's wealthy has been silently gaining assets into Australia's real estate sector, apart from the usual investments into metals and minerals.
"In the last six to nine months, there has been a lot of private investment into Australia because it is seen as a safe-haven," analyst Paul Dowling told Reuters News.
Silverneedle Hospitality, owned by Indian philanthropist Nadathur S Raghavan, who is also co-founder of software company Infosys Technologies, just purchased a A$57 million worth hotel in Brisbane. This follows its acquisition of 60 hotels in Australia and New Zealand.
Aside from attractive commercial property prices, Indians believe so much in Australia's stable economy.
Researcher Paul Guest said total returns in Australia continue to be highest among all countries in Asia, what with a 10 per cent growth forecast annually, outstripping even that of Japan's 9 per cent and South Korea.
Also noteworthy was Australia's comparatively stronger economic performance compared with its Western peers, Mr Guest added.
And with India, which has more than 7,000 millionaires, analysts surmise it could put as much as $30 billion into Australia within five years, the report said.
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