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International Coal Ventures (ICVL), a special purpose vehicle formed by five leading PSUs to scout for assets abroad, is exploring possibilities of a tie-up with the UK-based mining major Anglo American to ensure raw material security, SAIL said today.
The ICVL Chairman, Mr C.S. Verma, who is also the Chairman of Steel Authority of India (SAIL), met Anglo American CEO, Ms Cynthia Carroll, to identify areas of mutual cooperation in the mining sector, particularly in coking coal, SAIL said in a statement.
“It was decided at the meeting to set up a joint task force of senior ICVL and Anglo American officials to chart out a definite course of action for implementation,” it added.
At the meeting, Mr Verma highlighted the benefits of mutual cooperation between ICVL and Anglo American, and expressed keenness to further their association, it said.
ICVL was incorporated in 2009 as a joint venture of five PSUs — SAIL, Coal India, RINL, NMDC and NTPC.
SAIL and CIL hold 28 per cent stake each, while RINL, NMDC and NTPC have 14 per cent stake each.
Anglo American is one of the world’s largest mining companies focusing on platinum group metals, diamonds, copper, nickel, iron ore, metallurgical and thermal coal.
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