Secretaries panel to vet CIL's overseas invest proposals
27 August 2009
The government today approved a proposal that an empowered committee of secretaries set up earlier also consider proposals for CIL for investments in coal assets abroad, which are beyond the powers of the CIL board.
The empowered committee of secretaries was constituted earlier for considering proposals to be taken up by International Coal Ventures Limited (ICVL), a special purpose vehicle set up jointly by SAIL-RINL, NTPC and NMDC-CIL, for acquiring coal properties abroad.
The cabinet committee on economic affairs today approved the proposal that such proposals for investment abroad be submitted by CIL to the empowered committee. Besides the committee would also consider CIL proposals for investments in coal assets abroad.
The recommendations of the empowered committee will be placed before the CCEA for approval. A representative of the planning commission has also been included in the committee. CCEA also approved the guidelines to be followed by CIL for investments abroad.
Coal India Ltd is looking at new acquisitions for bringing coking coal and high-grade ash thermal coal to India, to meet domestic demand. This may be done by acquiring coal properties abroad or investing in joint ventures with coal mining companies, the release said.
Coal India will adopt best global mining and management practices in order to transform itself into an efficient global coal company with transnational operations.