30 May 2012

Coal Acquisition by Sail

The Minister of Steel, Shri Beni Prasad Verma has said that with the purpose of diversifying its business into areas such as coal and other minerals, MOIL Ltd. had published an advertisement inviting Expression of Interest for jointly securing, exploring, mining, commercially exploiting and participating in value addition projects relating to the Coal Blocks. It is not possible to estimate the expenditure/profit at this stage on such business ventures. 

In a written reply in the Lok Sabha today Shri Verma said, Steel Authority of India Limited (SAIL) has structured its overseas coal asset acquisition through a Joint Venture Company, namely, International Coal Ventures (Pvt.) Limited (ICVL) which has been set up by the mandate of Government of India with SAIL, Coal India Limited, Rashtriya Ispat Nigam Limited, National Mineral Development Corporation and National Thermal Power Corporation as its promoter companies. ICVL is actively scouting for coal assets in target countries such as Australia, New Zealand, Mozambique, Indonesia, Canada and USA.

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