Indian publication the Telegraph said Coal India had decided to float a global bid after receiving proposals from ArcellorMittal and the Ispat Group to develop abandoned mines for leftover resources.

A study examining the reasons for abandoning the mines and the amount of coal left in the blocks identified 26 abandoned mines that can be redeveloped.

“Our board of directors has given its in-principle nod to extract coal from closed mines, and we'll float a global expression of interest for this within a month," Coal India chairman Partha Bhattacharya said to the Telegraph.

The Business Standard reported that Bhattacharya said the 26 mines have total expected resources of 10 million tonnes, while 10 of the mines are expected to be rich in coking coal.

Coal India is consulting rating agency Crisil on the best way to form such joint ventures.