International Coal Ventures Private Limited
International Coal Ventures Private Limited is a joint consortium of three Indian Public Sector Undertakings, SAIL, Rashtriya Ispat Nigam Limited (RINL) and National Mineral Development Corporation to explore overseas territories to fulfill the domestic needs of coal.
History[edit]
Established in May 2009 as a consortium of five leading steel and mining PSU's SAIL, Coal India Limited, Rashtriya Ispat Nigam Limited (RINL), National Mineral Development Corporation and NTPC Limited with the invested shared capital in the ratio of 2:2:1:1:1 with a major goal of acquiring overseas coal assets to meet the shortage of good quality coal in India. Currently the organization is headed by the chairman of SAIL. Two founder PSU's Coal India Limited and NTPC have quit the organization because their main focus was on thermal coal while ICVL is primarily focused on explore Coking coal overseas. National Mineral Development Corporation is also planning to quit the organization because of under-performance of joint venture till now.[1][2]
Production[edit]
ICVL has set a target of securing 500 million tonnes of coal assets by the end of year 2019-2020. The organization is entitled to invest capital upto Rs.1500 crore if the investment limit exceed beyond this , the organization has to take approval from empowered committee of secretaries .Till the end of October 2012 , ICVL has not been able to secure any overseas coal assets.[3][4][5] ICVL has received proposal for thermal mining in Indonesia [6]
References[edit]
- ↑ "NMDC looks set to exit International Coal Ventures". Business Standard. 2 July 2012. Retrieved 17 October 2012.
- ↑ "State-run firms tie up to secure coal supplies abroad". newstrackindia.com. 21 May 2009. Retrieved 4 October 2012.
- ↑ "International Coal Ventures looking to acquire coal assets in US". firstpost.com. 21 September 2012. Retrieved 4 October 2012.
- ↑ "Delegate more power to ICVL management: steel min panel". Business Week. 1 October 2012. Retrieved 16 October 2012.
- ↑ "India to monitor overseas coal acquisitions". Mining Weekly. Retrieved 22 November 2012.
- ↑ "Received 2 proposal of coal mines in Indonesia: ICVL tells Coal India". Economic Times. 20 November 2012. Retrieved 22 November 2012.
External links[edit]
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