ICVL, the consortium of five state-run firms formed to scout for coal assets overseas , is close to completing the due diligence for a coal mine at central Kalimantan and has initiated similar process at four resource assets outside Indonesia.
A team led by ICVL head, C S Verma, who is also the chairman of state-run steelmaker SAIL, recently returned from Indonesia. In January this year, an MoU was signed between India and Indonesia on a processing facility, a steel plant and for building the required mining infrastructure in Borneo island where the mine deposits are located.
When contacted, Verma declined to offer more details on his visit to Indonesia. ICVL has also opened an office to support its move to search for coking coal assets in Indonesia.
According to a person who was part of the team, the existing center at BHEL, could likely accommodate ICVL's new liason office. ICVL has been co-promoted by public sector units Steel Authority of India, Coal India, Rashtriya Ispat Nigam Limited, NMDC and NTPC.
Other Indian investors who have ventured into Indonesia include the Tata Group and Punj Loyd, which through a Singapore-based subsidiary, bought 50% in a thermal coal mine company in Central Kalimantan in April this year. Last month, Anil Ambani-led Reliance ADA Group, which already owns a coal block in Sumatra, announced a $5 billion investment plan for coal mining, power plants and infrastructure.
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