ICVL eyeing Indonesia coal mine acquisition
Tuesday, September 14 2010 - 05:41 PM WIB
Indian firm International Coal Ventures Ltd.(IVCL)is planning to acquire coal mines in Indonesia, Indian media reported on Tuesday.
It has has joined hands with the Indian Railways' engineering consultancy arm Rail India Technical and Economic Services (RITES) to develop the necessary infrastructure for a possible buyout, say reports, quoting SAIL Chairman C.S. Verma.
ICVL is a special purpose vehicle of Steel Authority of India or SAIL, Rashtriya Ispat Nigam Ltd, Coal India, NMDC and NTPC, which was formed to scout for coal properties abroad.
The joint team would leave for Indonesia soon, he said.
The report said RITES will develop the necessary rail infrastructure for transporting coal.(*)