The Mumbai-based group has zeroed in on mines in South Africa, Chile, Peru and Indonesia for acquisitions.

"As the demand for metals and minerals is high in local markets, we are looking to buy mines abroad. Currently, both ferrous and non-ferrous mines in South Africa, Chile, Peru and Indonesia are under consideration,” said Mr Ravi Kastia, ABG’s global head of mining and international trading, said.

“These countries have a comparatively better policy framework, which makes them attractive for miners like us. Moreover, operation prices there are less comparing to other parts of the world,” he added.

non-ferrous mines of the group would come under its Hindalco subsidiary.

Regarding the mining sector in India, Mr Kastia said, “Nearly 72% of the country’s mining industry is handled by public sector undertakings.

"To make the sector more vibrant, we should formulate the new mining policy in such a way that it facilitates the active participation of private companies.”

He also said that time taken in granting new exploration licences should be less and batted for effective land acquisition laws.

“Once an open policy is in place, our country will become one of the hot spots in the global mining map. Simultaneously, more exploration is necessary to meet the demand here,” Mr Kastia added.