Calcutta, Nov. 26 (PTI): The Rs 600-crore Adhunik group is planning to acquire coal equity and form a joint venture for coal mining in Australia for assured supply of coking coal, a critical raw material for its steel plants.

The group will invest Rs 100 crore for captive coal and iron-ore mines to create the required backup for assured supply of the raw materials.

The investment would be in addition to the proposed Rs 440 crore for Adhunik Metaliks? expansion programme.

?We are holding negotiations with Australian mining companies to form a joint venture to develop virgin coking coal mines in that country,? group director Nirmal Agarwal said.