ICVL looking to acquire coal mines abroad
International Coal Venture Ltd (ICVL) is reviewing several proposals for acquiring coal properties in Australia with a view to examine their suitability and viability.
Due diligence is in progress. ICVL is also participating in bidding process for acquisition of equity in some undeveloped coal assets abroad. However, no acquisition has been made so far. This information was given by the Minister of State in the Ministry of Coal and Statistics and Programme Implementations, Shri Sriprakash Jaiswal in the Parliament. ICVL has also identified Indonesia, Mozambique, USA and Colombia as other target countries for acquisition of coal assets. Proposals received from these countries are also under review.The coal to be sourced from assets, once they are acquired, would be primarily for use by the promoter companies of ICVL, the Minister added.