New Delhi: Coal India (CIL) on Saturday said it will take a decision on continuing its association with ICVL after the CEO of the joint venture makes a presentation at its next board meeting. (Agencies)
"It was earlier decided that we will exit from that (ICVL) but then there was a review etc. Finally, (our) Board of Directors on Saturday decided that we will ask ICVL CEO himself to make out whether there is a strong case for us to continue or not.
"In the next Board Meeting, we will invite them to make a presentation to convince us (on our continuation)," Coal India Chairman S Narsing Rao told reporters here.
The decision was taken following a request from the ICVL to Coal India to continue as a consortium member, sources said, adding that the Coal India Board is expected to meet some time next month.
International Coal Ventures Ltd (ICVL) is a joint venture of five leading public sector companies.
In May, Coal India -- which is among the two largest shareholders of ICVL with a stake of 28 percent -- had said that it intends to quit the PSU consortium that was set up in 2009 to acquire coking and thermal coal assets abroad.
The company felt that continuing with ICVL only involved financial burden without commensurate advantage and had informed the Coal Ministry about its intention to exit.
NTPC, another promoter of ICVL with a 14 percent stake, has already expressed its intention to quit the consortium.
Besides Coal India and NTPC, ICVL's promoters include SAIL, RINL and NMDC. While SAIL and Coal India each hold 28 percent stake each in the consortium, the other promoters
-- RINL, NMDC and NTPC -- have 14 percent each.
Since its inception in 2009, ICVL has failed to acquire a single property abroad, even though it has set a target of owning 500 million tonnes of coal reserves by 2019-2020.
On a couple of occasions, it had to retreat from plans to acquire an asset after discords crept in and consensus took longer than expected.
New Delhi: Coal India (CIL) on Saturday said it will take a decision on continuing its association with ICVL after the CEO of the joint venture makes a presentation at its next board meeting.