Industry & Economy
-
Coal
Government
-
Policy
SPV for buying coal mines planned
Our Bureau
Hyderabad, Feb. 9
Rashtriya Ispat Nigam Ltd (RINL), Steel Authority of India Ltd, National Thermal Power Corporation, National Mineral Development Corporation and Coal India Ltd have embarked on a plan to create a special purpose vehicle (SPV) for acquiring coal mines abroad. These mines would be in Indonesia, Australia, Russia, and some of the coal surplus countries in the region willing to invite foreign investments and partners.
The Chairman and Managing Director of RINL, Mr Y. Siva Sagar Rao, said that the proposal to create the SPV has been formalised and a note prepared for approval would be placed before the Cabinet shortly. Addressing a press conference here on Friday, Mr Rao said that this is part of the Government and industry effort to tap new sources of natural reserves and sustain large projects in the country.
The SPV would have an initial corpus of Rs 5,000 crore and would later be scaled up to about Rs 25,000 crore. Mentioning about RINL's efforts to ensure that adequate supplies are maintained, Mr Rao said that the company is working with Orissa Mining Development Corporation to procure both coal and iron ore.
More Stories on :
Coal |
Policy |
Steel Authority of India Ltd
Article
E-Mail
::
Comment
::
Syndication
::
Printer Friendly Page
|
