ICVL's 1st buyout remains elusive as target co ditches now

International Coal Ventures (ICVL), the special purpose vehicle formed by five state-run firms to acquire coal assets abroad in 2009, will have to wait for some more time to strike its maiden deal.

Unlike in the past, when it had to back track after throwing the hat in the ring due to paucity of funds, this time around, the target company back-tracked.

ICVL had placed a $200 million bid to buy 12% stake in an Australian coal mine owned by Anglo American Plc.

"It is reliably learnt that Anglo American has withdrawn its offer for selling stake in Grosvenor mine," a top ICVL official said.

To a query, he said the company is expecting a proposal from Singapore-headquartered MEC Coal soon for buying stake in the firm. He, however, refused to give further details.

"Let the proposal come. I am not going to comment on that," he added.

ICVL, the special purpose vehicle of Steel Authority of India, Coal India, NMDC, NTPC and RINL, had bid for buying stakes in Grosvenor coal mine early last month.

In January this year, the ICVL Board had decided not to go in for countering Rio Tinto's bid for Riversdale Mining on account of high valuation of the property.

ICVL Board has the mandate to make acquisitions of only up to $300 million. This is seen as hurdle for the company as the assets are costlier now in the wake of bigger appetite, particularly from emerging nations.New Delhi

SAIL and CIL each hold 28% stake in it while RINL, NMDC and NTPC have 14% stake each.