ICVL board postpones Riversdale decision to Jan 27

ICVL board had convened a meeting in Kolkata to take a decision on possible bidding for Africa-focussed miner.

International Coal Ventures Ltd a consortium of five state-run companies today could not arrive at any decision on a possible bid for Australian entity Riversdale,which has received a bid from Rio Tinto.

ICVL board had convened a meeting today in Kolkata to take a decision on possible bidding for Africa-focussed miner in which Tata Steel has 24.4 per cent stake and Rio Tinto has already put in a bid worth 3.9 billion Australian dollar to buy it.

We discussed the issue but could not arrive at any decision. We have convened another meeting on January 27 in Delhi to finalise the issue, Steel Authority of India,Chairman C S Verma who also heads ICVL board told PTI over phone.

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ICVL,a consortium of SAIL,CIL,NMDC,RINL and NTPC,formed for mining assets acquisition had appointed Citigroup for due-diligence on the issue and has already submitted its report to it.

Meanwhile,Tata Steel is likely to remain invested in Riversdale,its Group CFO Koushik Chatterjee said.

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