After Mozambique buy, ICVL allots Rs125 billion for power plants
Having bagged the mining rights of 2.6 billion tonne of coal in Mozambique, state-run steel and mining companies will spend nearly about Rs 12,500 crore to set up a power plant and a coal-to-liquid project besides exploiting 13 million tonne of the fuel within three years.The International Coal Ventures Limited (ICVL) was formed as a SPV by public sector steel makers SAIL and Rashtriya Ispat Nigam Limited, the country’s biggest iron ore miner NMDC Limited and Coal India in 2009 and has an authorised capital of Rs 10,000 crore and enjoys powers and autonomy of a Navratna company. The SPV in July last year had signed a pact with global mining firm Rio Tinto to acquire 65 per cent stake in its Benga coal mine and 100 per cent stake in Zambeze .....