International Coal Ventures Ltd is eyeing coal mines in Indonesia and has joined hands with the Indian Railways' engineering consultancy arm RITES to develop the necessary infrastructure for a possible buyout.
"International Coal Ventures Ltd (ICVL) is collaborating with RITES (Rail India Technical and Economic Services) for coal mines in Indonesia. The joint team will leave for Indonesia soon," SAIL Chairman C S Verma told reporters here.
As per the JV, RITES will develop the necessary rail infrastructure for transporting coal.
"We will be looking at Mozambique also," Verma added.
Railway Board Chairman Vivek Sahai said that RITES is already present in Africa and is in the process of expanding its operations in the continent.
ICVL is a special purpose vehicle of SAIL, Rashtriya Ispat Nigam Ltd, Coal India, NMDC and NTPC, which was formed to scout for coal properties abroad.