The central government set up a Special Purpose Vehicle (SPV) namely International Coal Ventures (ICVL) for the purpose of acquisition of coal companies, mines and assets or blocks in overseas territories.

The Minister of Steel, Beni Prasad Verma informed this in Parliament recently.

The minister further informed that a Letter of intent was signed recently in February, 2013 between Ministry of Steel, Government of India and Ministry of Mines and Energy, Federative Republic of Brazil to encourage investment opportunities in iron and steel related business by Indian and Brazilian companies.