The Hindu Business Line : ICVL board to finalise decision on acquiring stake in mining cos abroad

Hyderabad, Dec. 20 The apex committee of International Coal Ventures Ltd (ICVL), a special purpose vehicle formed by five public sector undertakings, would be meeting on Monday to finalise a decision for picking up stake in some mining companies abroad.

“The steering committee of ICVL has already met and considered the proposals routed by the merchant bankers of the SPV. Now a final decision would be taken by the ICVL’s apex committee at its meeting on December 22,” a member of ICVL Board told Business Line.

ICVL was formed last year by the PSUs – Steel Authority of India, National Thermal Power Corporation, Rashtriya Ispat Nigam, National Mineral Development Corporation and Coal India Ltd.

The official said though the merchant bankers gave a list of around 100 potential firms and properties for acquisition or joint ventures, the board will focus only on 10 companies for the moment.

The companies that ICVL is looking at are in Australia, Canada, Indonesia, Africa and Mozambique. “Of the 10 mining firms, six are coking coal properties and the rest thermal coal mines,” the official added.

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