CIL, NTPC stay away from ICVL’s Mozambique buy
PSU consortium International Coal Ventures (ICVL) may be basking at the acquisition of Mozambique mines from Rio Tinto at a dirt cheap price, but two major constituents — Coal India (CIL) and NTPC — have decided to stay away from the buy. The move has prompted ICVL to form a subsidiary company to take over the assets that include the Benga mine and the Zambeze and Tete East greenfield coal assets. Sources have indicated that CIL and NTPC have not agreed to be a part of the $50-million acquisition, a development that stems from their reluctance to be a part of the ICVL itself. While the two companies have always remained cold to the ICVL, they have not pulled out of the venture formally. The Mozambique acquisition as well as the subsequent i.....