ICVL eyeing coal asset in Indonesia

International Coal Ventures Ltd (ICVL) is looking to acquire coal assets including in Indonesia by March, a top company official said.

The company is conducting due diligence of four-five properties in Indonesia, Australia, the US, Mozambique and Canada and expects to finalize one deal by the fiscal-end, ICVL Chairman C S Verma, who is also the chief of steel maker SAIL said as quoted by zeenews.com

"Now is the good time to make acquisitions. We are looking at four-five properties in four-five locations. By the end of this fiscal year, this (the deal) should happen," he said.

He added that the company is looking at acquiring coal mines of 100 million tons (MT) reserves to 500 MT.

"We are not looking for an outright acquisition. It is in the range of 10 percent to majority stake," Verma further said.

ICVL, which is a consortium of SAIL, Coal India, NTPC, NMDC and Rashtriya Ispat Nigam Ltd (RINL), was formed in 2009 to acquire coal assets abroad. However, it has failed to strike a single deal since its inception.(*)