ICVL eyes overseas coal buys

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ICVL eyes overseas coal buys

International Coal Ventures Ltd (ICVL) consortium is looking to acquire overseas coal assets, a top official at one of the member companies said on Thursday, to meet rising demand for the key raw material in Asia's third-largest economy.

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International Coal Ventures Ltd (ICVL) consortium is looking to acquire overseas coal assets, a top official at one of the member companies said on Thursday, to meet rising demand for the key raw material in Asia's third-largest economy.

"There are a number of properties ICVL is looking at in countries such as Australia, the US and Indonesia," PK Bishnoi, chairman and managing director of steelmaker Rashtriya Ispat Nigam Ltd, told reporters on the sidelines of an industry conference.

The state consortium comprises of utility NTPC, Steel Authority of India, iron ore miner NMDC, Coal India and Rashtriya Ispat Nigam Ltd.

Last month, it decided not to counter Rio Tinto's USD 3.9 billion bid for Australian coal miner Riversdale.

By: Madhav Chanchani