Centre to float SPV for Int coal venture

Hyderabad: The Central government has decided to set up a special purpose vehicle (SPV), International Coal Venture, with an initial investment of Rs 3,500 crore for exploring coal in foreign countries.

The government of India, in alliance with NMDC, RINL, Coal India and SAIL, is negotiating with companies in the US, Canada, Russia, Australia and Mozambique for investing in coal.

As per the sources, the investment may go up to Rs 10,000 crore, depending upon the contracts. The country would come out of the current economic distress soon as the demand-supply ratio is not alarming as compared to other countries.

The one-day seminar is about the effects of the economic meltdown on steel, mining, engineering, construction, infrastructure, etc.