State utilities join hands to secure overseas coal assets

January 14th, 2009 - 8:52 pm ICT by IANS  

Mumbai, Jan 14 (IANS) Five state-owned companies forged a pact Wednesday to secure coal assets overseas through a joint venture company.National Thermal Power Corp (NTPC), the country’s largest power company, said in a statement that it has signed an agreement with other coal, mineral and steel utilities to float a special purpose vehicle to secure and develop coal assets overseas.

The pact was signed with Steel Authority of India, Rashtriya Ispat Nigam, Coal India and National Mineral Development Corp

The joint venture company, International Coal Ventures Pvt. Ltd, will leverage the partners’ domain knowledge and human capital for international mining business development.

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