The economic downturn may have spelt trouble for economies the world over,but Indian PSUs,keen to ensure raw material security for production needs,have intensified their hunt for coal properties overseas. Sensing attractive opportunities,the International Coal Ventures Limited (ICVL) an SPV floated by these PSUs has identified at least 20 coal mines,of which it will bid for at least five in six to eight weeks.
We have identified 20 properties of which we are moving fast on five. We expect to put out our bids in six to eight weeks. Of these 20,less than one-third are in the US and Canada, ICVL executive P K Bishnoi told The Indian Express. The remaining 15,which are also being evaluated,are in Australia,Mozambique Indonesia,Zimbabwe and South Africa,he said.
The JV has been signed and the company venture papers will be filed with the RoC. The corpus will be Rs 3,500 crore and we will leverage it. We expect bidding price to be competitive. There are always opportunities in adversities… (a) downturn means properties values are better and attractive, Bishnoi reasoned.