Millennium Post

ICVL is scouting for more assets abroad: Verma

‘With this, we are not going to stop. We will keep our eyes and ears open,’ Chairman of International Coal Ventures (ICVL) C S Verma told reporters.

ICVL had on 28 July signed a pact to buy Rio Tinto's 65 per cent stake in Benga and 100 per cent each in Zambeze and Tete East coal assets, cumulatively having around 2.6 billion tonnes of reserve for $50 million (about Rs 300 crore).

Verma, who is also chairman of SAIL, said the consortium would form a special purpose vehicle (SPV) with the interested allies for the acquisition.

ICVL, a joint venture of Steel Authority of India, Coal India, Rashtriya Ispat Nigam, NTPC and NMDC among others, was created to ensure long-term security of supply of the critical raw material for the
steel industry.
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