International Coal Ventures Private Limited (ICVL) has requested the Coal Ministry to allow it be a permanent invitee to the Joint Working Group (JWG) on Coal.
ICVL is a joint venture floated in 2009 by SAIL, Coal India, Rashtriya Ispat Nigam, NMDC and NTPC. Early this year, NTPC exited the joint venture.
Energy security
The JWG deliberates on issues concerning energy security and collaborations with other nations. “ICVL said that it is not able to take advantage of the discussions that take place in JWGs and similar other forums. And it is not always invited to participate when meetings take place,” said a Coal Ministry official.
ICVL plans to own about 500 million tonnes of coal reserves by 2019-20. However, it has not acquired even a single asset since its inception.
NTPC decided to opt out of the joint venture as there were differences over the quality of coal assets to be acquired. NTPC and Coal India want thermal coal, whereas steel-makers, such as SAIL and RINL, prefer coking coal assets.
The Coal India Board, scheduled to meet on December 12, is expected to take a decision on whether the public sector miner should remain in the ICVL or opt out, said a Coal India official. The miner has already informed the nodal Coal Ministry about its decision to quit ICVL.
ICVL recently gave Coal India Board members a presentation, in which it cited a few potential assets where due diligence is being carried out, the official said.