500 mn tonne worth of coal mines is target for acquisitions by 2020
International Coal Ventures Limited, or ICVL, was the epitome of India’s babudom running public sector undertakings (PSUs). Five major public PSUs — NTPC, SAIL, NMDC, Coal India and Rashtriya Ispat Nigam (RINL) — with a war chest of Rs 10,000 crore had come together for this initiative to buy coal blocks outside the country. However, since its inception on May 20, 2009, the venture has failed to acquire even a single asset. And, two of its integral members, Coal India and NTPC, have clarified they aren’t interested in being a part of ICVL any more.