Coal India to Invest $223.3 Million in Mutual Funds

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Coal India Ltd., which has cash reserves of about 430 billion rupees ($9.6 billion), plans to invest up to 10 billion rupees ($223.3 million) in mutual funds this year as part of a new strategy to get better returns on its surplus cash, the company's finance director said.

The world's largest coal producer plans to initially invest in liquid debt mutual funds on a "trial basis," later graduating to fixed maturity plans, Asok Kumar Sinha siad in a recent interview.

"We are testing the waters and have already invested 2 billion rupees from the earmarked amount [since January]," Mr. Sinha said by phone from Kolkata, where the company is headquartered.

"Returns from mutual funds are better and tax-free."

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