New Delhi: Amid ICVL requesting Coal India not to exit the consortium, the Chief Executive Officer of the joint venture, formed to acquire coal mines overseas, may make its presentation before CIL board likely on November 9.

ICVL is a joint venture of five leading public sector companies.

"During the meeting likely on November 9, the CEO of International Coal Ventures Ltd (ICVL) may make a presentation before the board of directors," a Coal India (CIL) official said.

CIL had said last week that 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.

"It was earlier decided that we will exit from that (ICVL) but then there was a review etc. Finally, (our) Board of Directors...decided that we will ask ICVL CEO himself to make out whether there is a strong case for us to continue or not," CIL Chairman and Managing Director S Narsing Rao has said.

The decision was taken following a plea from the ICVL to CIL to continue as a consortium member, sources said.

In May, Coal India - which is among the two largest shareholders of ICVL with a stake of 28 per cent -- 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 per cent stake, has already expressed its intention to quit the consortium.

Besides CIL and NTPC, ICVL's promoters comprise SAIL, RINL and NMDC. While SAIL and CIL each hold 28 per cent stake in the consortium, the other promoters -- RINL, NMDC and NTPC -- have 14 per cent each.

Since its inception in 2009, ICVL is yet to acquire any mine abroad, even though it has set a target of owning 500 million tonnes of coal reserves by 2019-2020.

(Agencies)

Latest News from Business News Desk