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Dec 14, 2010, 10.44 AM IST
International Coal Ventures, a consortium of five Indian state run companies including Steel Authority of India and Coal India, may bid for Riversdale Mining, the Business Standard reported.
Other companies planning a bid for the Australian firm as part of the consortium are iron ore miner NMDC , power producer NTPC and Rashtriya Ispat Nigam Limited, the newspaper said on Tuesday. Miner Rio Tinto made a USD 3.5 bn bid approach for Africa focused Riversdale Mining earlier this month, setting up a potential takeover battle. "Bidding for Riversdale is beyond our personal capacity and authorised limits," the Business Standard quoted Rana Som, chairman of NMDC, as saying. "Hence, we have referred the proposition to ICVL," he said, referring to the International Coal Ventures. "It is a good project with sizeable reserves, but has a few negatives like logistics cost too." Steel Authority Chairman CS Verma told the newspaper that a proposal had been placed with International Coal Ventures. Officials at the state run companies could not immediately be reached by Reuters for comment. Private sector Tata Steel is one of the major shareholders in Riversdale, owning about 24% in the company. Other major shareholders include Brazilian steelmaker CSN and US investment firm Passport Capital. (Writing by Sumeet Chatterjee; Editing by Ranjit Gangadharan)
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