CIL reviewing decision regarding continuance in ICVL: govt

The government today said state-owned Coal India is reconsidering its decision to continue with International Coal Ventures Ltd (ICVL).

"...After withdrawal of NTPC, CIL (Coal India) is also reviewing the decision regarding continuance in the ICVL," Minister for State for Coal Pratik Prakashbapu Patil said in a written reply to Rajya Sabha.

The Minister also said that ICVL, the joint venture firm formed with CIL, SAIL, NTPC, NMDC and RINL as members, has not acquired any coal mine overseas.

ICVL was conceptualised by the Steel Ministry for securing much-needed coking coal and thermal coal assets in overseas territories.

It has an authorised capital of Rs 10,000 crore and equity capital of Rs 3,500 crore.

The consortium aims to own about 500 million tonnes (MT) of met coal reserves by 2019-20.

The gap in the demand and supply of coal which widened to 161.5 MT last fiscal is likely to scale up to 200 MT in 2016-17.

In 2010-11, the shortfall of coal was about 132.8 MT, while in 2009-10 it was 90.5 MT, according to an official document.