Page 12
STATE-BACKED FIRMS HOPE TO BUY FOREIGN COAL MINES SOON
International Coal Ventures Pvt. Ltd (ICVL) is a consortium
formed five years ago by Steel Authority of India Ltd (SAIL)
and four other state-run companies to acquire international coal
assets. It hasn’t succeeded in acquiring any so far. Starved of
good quality domestic coking coal, steel companies including
SAIL, Tata Steel Ltd and JSW Steel Ltd, have meanwhile become dependent on expensive imports from countries as far as
Australia, Mozambique and the US. ICVL, with Rs.10,000 crore
in authorized cap ][ \۸