ICVL plans on track: Roongta

May 18, 2010: International Coal Ventures Ltd (ICVL), a joint venture of five public sector undertakings of India - SAIL, RINL, CIL, NTPC and NMDC - is going ahead with its plans to acquire coal assets overseas.

"Around 10 merchant bankers have been shortlisted and we are going ahead with due diligence for some of the shortlisted assets. It is a continuous process," said chairman of SAIL, S.K. Roongta, at a conference organised by the Merchants' Chamber of Commerce in Kolkata yesterday.

Roongta, however, did not provide any time frame by which any concrete deal might be finalized. Media reports, however, suggest that ICVL has bid for around half a dozen assets in various countries. He further noted that discussions are on with serious prospective sellers.

Source: Steel Insights Daily