India: State firm eyes Mozambican metallurgical and coal assets

2 January 2008

New Delhi, India, 2 Jan – Indian state company Coal Ventures International (CVIL) has invited the international investment bank to assist it in finding new overseas metallurgical and coal resources, Business Daily reported Tuesday.

CVIL has been given the status of a state mega-company and consists of Steel Authority of India, Ltd, National Thermal Power Corporation Ltd, Rashtriya Ispat Nigam Ltd, Coal India Ltd and National Mineral Development Corporation Ltd. The new investment vehicle has an initial war chest of 100 million rupees.

Besides Mozambique, CVIL is seeking to acquire assets in countries including Australia, Canada, the US, Indonesia, Zimbabwe and South Africa to guarantee supplies for the steel and energy sectors, Business Daily reported. (macauhub)