SAIL, as part of International Coal Ventures (ICVL), reportedly is looking to buy coking coal assets overseas, with an intension of strengthening its raw material security in anticipation of bullish demand for steel in the country. The company, for this, is in advanced stage of talks and has already submitted the bids for the coal asset.
ICVL is a special purpose vehicle set up to make steel public sector undertakings self-reliant in the area of coking coal. Further, the company plans to outsource mining at two big iron mines -- Rowghat (14 million tonne capacity) in Chhattisgarh and Chiria (15 million tonne capacity) in Jharkhand, and will be inviting tenders by mid-July.
SAIL is India's largest steel producing company. The company is among the five Maharatnas of the country's Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.
