(a) the details of Special Purpose Vehicle (SPV), International Coal Venture, which
is being contemplated for exploring coal in foreign countries;
(b) the details of constitution and membership of Committee to oversee the
functioning of Coal Venture Fund; and
(c) the details of criteria for its membership?
MINISTER OF STATE (IC) IN THE MINISTRY OF COAL AND MINISTER OF STATE (IC) IN
THE MINISTRY OF STATISTICS & PROGRAMME IMPLEMENTATION (SHRI SRIPRAKASH JAISWAL)
(a) to (c) : A Special Purpose Vehicle (SPV), viz International Coal Ventures Ltd.
(ICVL). a joint venture company comprising major Public Sector Undertakings (PSUs)
like Steel Authority of India Ltd (SAIL), Coal India Ltd. (CIL), Rashtriya Ispat
Nigam Ltd (RINL), National Mineral Development Corporation (NMDC) and National
Thermal Power Corporation (NTPC) has been incorporated on 20th May, 2009 with
the approval of the Government of India to secure metallurgical and thermal coal
assets from overseas. The initial equity capital of ICVL would be Rs.35OO crore
with a contribution of Rs. 1000 crore each from SAIL and CIL and Rs.500 crore each
by RINL, NMDC and NTPC who are the partner companies.
While giving its approval, the Government has also formed a Committee of
Secretaries comprising Secretaries of the Ministry of Steel, Mines, Power, Finance,
Coal, External Affairs, Law and Justice and Department of Public Enterprises to
approve overseas investment proposals of the SPV for acquiring metallurgical and
thermal coal assets exceeding Rs.1500 crore in each instance, with the provision
that the recommendation of this Committee in each case will be brought before the
Cabinet directly for approval.