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ICVL raises $185mn to develop Mozambique coal mine: Sources

International Coal Ventures Ltd (ICVL) set up by the Government of India to buy coal assets overseas to meet the raw material needs of state-owned companies like SAIL, Coal India, NTPC, etc, has been scouting for funds for its Mozambique coal mine. CNBC-TV18's Manasvi Ghelani learns that the company has managed to raise about USD 185 million to rev up production of the asset. Sources say the company has secured the loan, which has a six-year tenure, from Exim Bank at a rate of Libor plus 250 basis points. The company will use the funds to upgrade technology and expand its coal distribution network. ICVL, which is a joint venture between SAIL, Coal India, NTPC, NMDC and Vizag Steel, had acquired the Mozambique asset from Rio Tinto for USD 50 million in July 2014. ICVL was yet to respond to a CNBC-TV18 query on the subject.

source: http://www.moneycontrol.com