ArcelorMittal, Rio in race for India mines

State-owned Coal India has shortlisted top steel maker ArcelorMittal and Australia's Rio Tinto along with eight other companies to develop 18 abandoned coal mines, the Business Standard newspaper reported on Tuesday.

Indian firms GVK Power & Infrastructure, Essar Mineral Resources and JSW Steel also feature among the companies shortlisted, the paper said, citing an unnamed company official.

Chairman Partha S Bhattacharya could not be reached for a comment by Reuters.

These companies would form a joint venture with Coal India for developing these mines, which have estimated reserves of more than 1.6 billion tonnes, the report said.

The tendering process for the revival and development of these abandoned mines is scheduled to be completed by the end of this fiscal year, the paper added.