International Coal Ventures (ICVL) is likely to acquire stake in a coking coal asset in the Bowen Basin of Australia. ICVL is a consortium of SAIL, CIL, Rashtriya Ispat Nigam and NMDC formed to acquire coal assets abroad.

ICVL is learnt to have completed all necessary formalities for the acquisition in Bowen Basin. However, details of the acquisition have not been disclosed. Also, the company is keen to acquire 10 per cent stake in a greenfield asset in the region.  Bowen Basin is rich in coal resources and contributes significantly to the overall production of coal in Australia.

ICVL is empowered with the autonomy to acquire assets up to Rs 1,500 crore on its own. Beyond the limit, it has to take approval from higher authorities. SAIL is the lead partner of ICVL.

Meanwhile, ICVL has signed an agreement with the New Zealand and Indonesia Governments to explore joint development of coking coal assets and for undertaking a joint feasibility study for setting up a mineral processing facility or steel plant respectively.