ICVL eying stake in 10 overseas mining firms

International Coal Ventures Ltd (ICVL), a special purpose vehicle formed by leading PSUs SAIL, RINL, NMDC, NTPC and CIL to scout coal properties abroad, is keen to pick up stakes in nearly 10 mining firms in Australia, Canada, Indonesia, Africa and Mozambique.     

The joint business development group of ICVL, which is meeting in Kolkata today and tomorrow, would consider the proposals routed by the merchant bankers of the SPV in this regard, a source close to the development said.    

"Merchant bankers have given a list of over 100 potential firms and properties for acquisition or joint venture, but at the outset we plan to go for about 10 and later would look into the others," he said.     

Of the 10 mining firms being eyed by ICVL, six have coking coal properties while the rest run thermal coal mines.     

After the joint business development group of the SPV gives its go ahead to the proposal of merchant bankers, it would be placed before ICVL's apex committee, scheduled to meet in the Capital on December 22, for final approval.     

If the apex committee, too, gives a green signal to pick up stakes in the overseas mining firms, the merchant bankers would be entrusted with the job of doing the due diligence, the official said.      Asked about the estimated reserves and investment that ICVL would be making in the foreign mining firms, he said the details would be available only after the due diligence (assessment of books of the company) is reached at.