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Coal India , the world's largest coal miner, is seeking approval from the Indian government to buy a 30 per cent stake in a coal asset in Indonesia, its chairman said on Monday, but declined to give specific details on the possible investment.

The company has been in advanced talks with Indonesia's Golden Energy Mines to buy stake in its assets in a deal that could be worth as much as $1 billion, sources had told Reuters in May.

"In foreign investments, IRR (internal rate of return) of 12 per cent is not feasible. So we have sought to know whether this guideline for domestic investments still holds for foreign investment," Coal India Chairman N C Jha told reporters.

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