Steel Authority of India Limited (SAIL) Videsh under consideration as arm for overseas buys

Indian steel ministry is planning to set up a special arm under Steel Authority of India Limited...

New Delhi  [India]

HomeNewsSteel Authority of India Limited (SAIL) Videsh under consideration as arm for overseas buys338

Indian steel ministry is planning to set up a special arm under Steel Authority of India Limited to spearhead overseas acquisitions, particularly in the mining sector. Likely to be named SAIL Videsh, the move comes in the wake of the existing special purpose vehicle, International Coal Ventures (ICVL, which is a joint venture between SAIL, NMDC, RINL, NTPC and Coal India, failing to make much headway in procuring coal assets abroad during the past two years. The proposal to create SAIL Videsh, as a subsidiary of the steel major, is being examined in the steel ministry, sources in the know said, adding a final decision is expected soon. As per report "The ministry is examining either to wind up ICVL or revamp it and make it a 100% subsidiary of SAIL and ask NMDC, NTPC, RINL, CIL to leave the SPV.” The report cited Mr Atul Chaturvedi steel secretary as saying that "The ministry is examining options to restructure ICVL or to give a new shape to it because in the present form it has not achieved desired progress. So we are examining how we can resolve it’s structural and decision making deficiencies. The bottom line is that we have to acquire raw materials resources abroad. There is and should be no compromise in achieving that objective.” ICVL was formed to acquire thermal and coking coal properties abroad in 2008 with a corpus of INR 10,000 crore, with SAIL being the major contributor and steel ministry being its administrative ministry.

Indian Steel Ministry, Steel Authority Of India Limited, Mining Sector, Sail Videsh, International Coal Ventures, SAIL, NMDC, RINL, NTPC, Coal India, Mr Atul Chaturvedi Steel Secretary, Coking Coal Properties, Administrative Ministry, New Delhi

Back To Home  Print Preview  Tell A Friend

Back To Top

CONTACT SK FORGING

Sender Name: E-mail Id: Country: SelectAfghanistanAlbaniaAlgeriaAmerican SamoaAndorraAngolaAnguillaAntigua & BarbudaArgentinaArmeniaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBermudaBhutanBoliviaBosnia and HerzegovinaBotswanaBrazilBruneiBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCayman IslandsCentral African RepublicChadChileChinaColombiaComorosCongoCongo (DRC)Cook IslandsCosta RicaCote d'IvoireCroatia (Hrvatska)CubaCyprusCzech RepublicDenmarkDjiboutiDominicaDominican RepublicEast TimorEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland IslandsFaroe IslandsFiji IslandsFinlandFranceFrench GuianaFrench PolynesiaGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuamGuatemalaGuineaGuinea-BissauGuyanaHaitiHondurasHong Kong SARHungaryIcelandIndiaIndonesiaIranIraqIrelandIsraelItalyJamaicaJapanJordanKazakhstanKenyaKiribatiKoreaKuwaitKyrgyzstanLaosLatviaLebanonLesothoLiberiaLibyaLiechtensteinLithuaniaLuxembourgMacao SARMacedoniaMadagascarMalawiMalaysiaMaldivesMaliMaltaMartiniqueMauritaniaMauritiusMayotteMexicoMicronesiaMoldovaMonacoMongoliaMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherlandsNetherlands AntillesNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorth KoreaNorwayOmanPakistanPanamaPapua New GuineaParaguayPeruPhilippinesPitcairn IslandsPolandPortugalPuerto RicoQatarReunionRomaniaRussiaRwandaSamoaSan MarinoSao Tome and PrincipeSaudi ArabiaSenegalSerbia and MontenegroSeychellesSierra LeoneSingaporeSlovakiaSloveniaSolomon IslandsSomaliaSouth AfricaSpainSri LankaSt. HelenaSt. Kitts and NevisSt. LuciaSt. Pierre and MiquelonSt. Vincent & GrenadinesSudanSurinameSwazilandSwedenSwitzerlandSyriaTaiwanTajikistanTanzaniaThailandTogoTokelauTongaTrinidad and TobagoTunisiaTurkeyTurkmenistanTurks and Caicos IslandsTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUruguayUSAUzbekistanVanuatuVenezuelaVietnamVirgin IslandsVirgin Islands (British)Wallis and FutunaYemenYugoslaviaZambiaZimbabwe Message: Word Verification: Type the characters you see in the picture below.