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State-run firms tie up to secure coal supplies abroad

National,Business, Thu, 21 May 2009 IANS

Mumbai, May 21 (IANS) State-run energy firms have floated a joint venture for overseas acquisition of coal mines and securing cooking and thermal coals supplies.


The new company, International Coal Ventures, would be formed in collaboration with Steel Authority of India (SAIL), Coal India (CIL), Rashtriya Ispat Nigam (RINL), NMDC and NTPC, formerly National Thermal POwer Corp.



'The company has been incorporated for the purpose of carrying on business for overseas acquisition and or operation of coal mines or blocks/companies for securing coking and thermal coal supplies,' said NTPC in a regulatory filing Thursday.



SAIL, CIL, RINL, NMDC and NTPC will contribute in the equity share capital of the company in the ratio of 2:2:1:1:1 respectively, the statement added.


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