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Thursday, 16 July 09
NTPC TO ENGAGE BANKERS TO ACQUIRE OVERSEAS COAL MINES


The Hindu reported that, State-run power generation company NTPC said it would appoint merchant bankers next month for acquiring coal mines identified by the company in Indonesia and Mozambique.

"We will appoint merchant bankers to do the due diligence for Indonesia and Mozambique coal mines that we identified," NTPC Chairman and Managing Director R S Sharma told reporters.

"The coal mines would be acquired by the company and not by the consortium -- International Coal Ventures Limited -- formed by five PSUs for this purpose", he added.

International Coal Ventures Ltd was formed by five public sector companies to acquire coal blocks overseas. These five companies are Steel Authority of India, NTPC, Rashtriya Ispat Nigam, National Mineral Development Corporation and Coal India.

Source: The Hindu



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