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| Centre mulls Rs 3,500 cr SPV for overseas coal exploration |
| Press Trust of India / Hyderabad Mar 16, 2009, 14:14 IST |
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The Central government is contemplating launching a special purpose vehicle (SPV), International Coal Venture, with an initial investment of Rs 3,500 crore for exploring coal in foreign countries.
Union Steel Secretary P K Rastogi said the government of India, in alliance with NMDC, RINL, Coal India and SAIL, is negotiating with companies in the US, Canada, Russia, Australia and Mozambique for investing in coal. However, nothing concrete has been emerged, he added.
He said the investment may go up to Rs 10,000 crore, depending upon the contracts.
Addressing a seminar on "Economic Meltdown and Time Ahead", organised by National Mineral Development Corporation (NMDC) here today, Rastogi advocated a ban on iron ore export as the country itself needs it very badly.
Rastogi said the country would come out of the current economic distress soon as the demand-supply ratio is not alarming as compared to other countries.
The one-day seminar is about the effects of the economic meltdown on steel, mining, engineering, construction, infrastructure, etc.
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