Mumbai (Agencies): Even as Coal India is in advanced talks to purchase around 15 per cent stake in US-based Peabody Energy, the state-run company is also looking for the coal assets of another company in American state West Virginia, a top executive has said.

The world's largest coal producer has allocated Rs 6,000 crore over the next 2 to 3 years to fuel its inorganic development overseas and spread coal base in order to meet the country's increasing demand for fuel, the official said.

"Due diligence is on to buy up to a 15 per cent stake in the Australian assets of US-based Peabody Energy Corp. We hope the deal will be sealed soon. We are also looking at buying some stake in another company in West Virginia. We are upbeat and aggressive about international acquisitions and have earmarked Rs 6,000 crore for the same," said Coal India director (personnel and IR) R Mohan Das.

However, he declined to reveal any information on the acquisition of active mines in West Virginia, saying talks are on in a preliminary stage.

The PSU's chairman and managing director, Partha Bhattacharya, had previously said talks were on with US-based Massey Energy and Peabody. However, none of the deals has produced any result yet.

While Peabody Energy is the world's largest private sector coal company with 246 million tonnes (MT) of sales and 9-billion tonnes of reserves in the US and Australia, Massey Energy is the fourth-largest coal industry in the US with 40 million tonnes of sales and 2.3 billion tonnes of high-quality coal reserves.

Moreover, the company is looking at buying mines in Indonesia in order to meet the growing requirement for coal, mostly in the power sector.

While India's yearly coal demand will surpass output by 100 million metric tonnes in the next few years, the company expects to meet half the shortfall from such acquisitions, Das said.