International Coal Ventures chairman C S Verma told the Wall Street Journal the group – made up of Steel Authority of India, National Thermal Power Corporation, National Mineral Development Corporation, Rashtriya Ispat Nigam and Coal India – was recently in Colombia and held talks with the country’s government for the allocation of coking coal mines on a government-to-government basis.

Verma, who also serves as chairman of Steel Authority of India, said that it was eyeing the purchase of privately held small coking operations as well.

"There is a huge potential for getting coking coal from Columbia,” he told the newspaper.

“There are 4000 to 4500 small mines operating in that country. India is already importing coking coal from the US and is looking at Columbia as another source for future requirements."

India’s steelmakers depend significantly on import coking coal to the tune of about 30 million metric tons annually.

However, the country is expected to triple its yearly demand in the next half-decade and become the world’s largest importer of the commodity, according to recent research secured by WSJ.

India is currently third in the world for coking coal imports.

ICVL, established in 2009, has been seeking international mining assets in Australia, the US, South Africa and Indonesia but has not yet signed any deals. It is also currently in discussions to purchase a 24% stake in Singapore’s MEC Coal.

Also, WSJ reported, the consortium floated a global tender in June to authorise a feasibility evaluation for the development of coal and iron ore mines as well as a steel plant in Indonesia.