Monday to Saturday 09:30am to 06:00pm
(Except Public/Scheduled Holidays)
VO Zarubezhugol invits IL&FS to join stake talks with International Coal Venture Ltd
Sept 13: Russian miner VO Zarubezhugol has invited lender IL&FS to join its talks with International Coal Venture Ltd (ICVL) to sell majority stake in a coking coal mine in Kuzbass province.
"We are yet to take a view on the proposal," said IL&FS Financial Services CEO and managing director Ramesh Bawa.
A possible arrangement that could be considered is IL&FS becoming the majority investor and ICVL, a five-member Indian consortium formed to scout for coal assets overseas, the long-term buyer of the project's coking coal.
The Kuzbass coal mine has two blocks with estimated reserves of 150 million tons. It has been un-operational since 2004 and an estimated Euros 175 million is required to revive the mine and put up a coal washery.
Source: The Economic Times
