Coal SPV to go for cabinet approval soon
Five state-run firms, including SAIL and NTPC, will soon sign a pact to form a joint venture.
By PTI |
NEW DELHI: Five state-run firms, including steel giant SAIL and power utility NTPC, will soon sign a pact to form a joint venture for acquiring coal mines abroad so as to meet the fuel requirement of all the companies.
Besides SAIL and NTPC, Coal India Ltd, Rashtriya Ispat Nigam Ltd and National Mineral Development Corp will join hands to form a Special Purpose Vehicle (SPV) with a corpus of Rs 3,500-4,000 crore, RINL chairman and managing director P K Bishnoi told reporters on the sidelines of a function here.
"Views from all the concerned ministries have been sought for the SPV. The five companies would soon sign an MoU, after which the final cabinet note incorporating the views of ministries, is expected to be sent for approval," he said.
Bishnoi said Australia, Mozambique, USA and Canada have been identified as possible countries where the SPV could acquire coal properties. The SPV would also appoint financial consultants to facilitate deals in various countries, he said.
The Finance Ministry and Planning Commission are understood to have given their clearance to the proposed SPV, a source said.
Besides SAIL and NTPC, Coal India Ltd, Rashtriya Ispat Nigam Ltd and National Mineral Development Corp will join hands to form a Special Purpose Vehicle (SPV) with a corpus of Rs 3,500-4,000 crore, RINL chairman and managing director P K Bishnoi told reporters on the sidelines of a function here.
"Views from all the concerned ministries have been sought for the SPV. The five companies would soon sign an MoU, after which the final cabinet note incorporating the views of ministries, is expected to be sent for approval," he said.
Bishnoi said Australia, Mozambique, USA and Canada have been identified as possible countries where the SPV could acquire coal properties. The SPV would also appoint financial consultants to facilitate deals in various countries, he said.
The Finance Ministry and Planning Commission are understood to have given their clearance to the proposed SPV, a source said.
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