JSW joint managing director Seshagiri Rao was quoted by the Business Standard as saying the company had a strong balance sheet and was looking for acquisition targets that would help increase its self-sufficiency to feed its facilities.

“As we expand aggressively, we need to own mines to bring down costs,” Rao told the paper.

JSW chairman and managing director Sajjan Jindal added that overseas opportunities were part of that plan.

“There are huge opportunities as commodity cycle is on reverse curve,” he said.

“We are keeping our eyes and ears open.”

Jindal said although a Chilean iron ore mine was proving to be profitable during the 2013 fiscal year, US coal production remained slumped due to permit delays, leaving JSW cautious about international targets.

Domestically it would likely bid for more iron ore mines in Karnataka after a ban was lifted by India’s Supreme Court.

“Our strategy is very clear – of having our own raw material and we must have our own captive mines,” he told the Standard.

“JSW is doing its homework and aggressively bid for 18 mines in C category in Karnataka.

“Out of 6 million tonne captive mines auctioned, we are aiming at a lion's share.”

Officials did not indicate any specific US or Canadian coal targets.