International Coal Venture's coal mines acquisition abroad
International Coal Venture (ICVL) was reviewing several proposals for acquiring coal properties in Australia with a view to examine their suitability and viability. Due diligence was in progress and ICVL will participate in the bidding process for acquisition of equity in some undeveloped coal assets abroad. However, according to the Minister of Coal Sriprakash Jaiswal no acquisition has been made so far.
ICVL has also identified Indonesia, Mozambique, USA and Colombia as other target countries for acquisition of coal assets. Proposals received from these countries are also under review. The coal to be sourced from assets, once they are acquired, will be primarily for use by the promoter companies of ICVL.