Government sources said the proposal would be taken up soon for consideration and if the "inevitable" happens SAIL, RINL and NMDC, three firms under Steel Ministry, would share among themselves NTPC's and CIL's combined 42 per cent stake in ICVL.
International Coal Ventures Ltd (ICVL) was set up in 2009 for acquiring coal mines abroad with an initial authorised capital of about Rs 10,000 crore. SAIL and CIL each hold 28 per cent stake in the venture while RINL, NMDC and NTPC have 14 per cent each.
Justifying the "inevitability" of restructuring, he said after showing initial interests, NTPC and CIL grew an apathy on their continuing as promoters as their interests were in direct contrast to that of ICVL, which is more keen on buying coking coal assets used for steel making.
"NTPC and CIL have already expressed their reluctance to remain associated with ICVL. It is better to take a call now than keeping the issue hanging in the balance. The Ministry of Steel will take a call soon," the source said.
"The reluctance of NTPC and CIL in buying assets together have perhaps irked the management of ICVL and its key members. Writing to the Steel Ministry for restructuring itself could perhaps be a fall out of that," the source said.
The USD 50 million Mozambique deal of ICVL involves 65 per cent stake buy in Benga and 100 per cent each in Zambeze and Tete East coal assets. Tata Steel has the remaining 35 per cent stake in the operating Benga mine.