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International Coal Ventures (P) Limited (ICVL)
Special Purpose Vehicle named International Coal Ventures Ltd.
(ICVL) has been set up through a JointVenture among 5 PSUs vi.
S!IL" #I$L" $%&C" CIL and $'PC ith the obective o*
securingmetallurgical and thermal coal assets *rom overseas. ICVL
has since been incorporated on +,th %a-"+,, as International Coal
Ventures Pvt. Ltd..
'he compan- has an initial authoried capital Upto #s. /,",,,
crores ith initial e0uit- capital o* #s.15,,crores ith contribution
*rom the participating companies as *ollos23
S!IL #s. /,,, crores
CIL #s. /,,, crores
#I$L #s.5,, crores
$%&C #s.54, crores
$'PC #s.5,, crores.
ICVL has been carr-ing out preliminar- activities through its
organiational structure o* Joint usiness&evelopment 6roup"
Steering Committee and !pe7 Committee. ICVL a*ter due diligence has
alsoengaged a panel o* ten investment ban8ers ho are to identi*-
potential ac0uisition proposals and enableICVL to hold discussions
ith partners9sta8e holders and participate in the bidding process
*or ac0uisitiono* overseas properties. !lthough the process o*
scouting *or properties has been undera- ICVL has -etto ac0uire an-
mine9sta8e in properties.
:ith the incorporation o* ICVL" a *ull *ledged oard has come
into e7istence. 'he composition o* theoard o* ICVL and observations
thereon are as under2
i. !s per the !rticles" /+ &irectors are permissible in the
oard. $omination to ICVL oardis in proportion to the respective
share holders o* constituent compan-.
ii. 'ill no" ; part3time &irectors constitute the ICVL oard
hich comprises C shareholding in ICVL.
'he %=! and !=! o* ICVL has completel- le*t out 6overnment
&irectors. :ith $o 6overnmentparticipation in the meetings o*
the oard o* &irectors o* ICVL" %inistr- is not priv- to
improvisation o*agenda9deliberations held in ICVL oard meetings.
ICVL also propose to *ill up the posts o* C
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B'he 6overnment &irectors" the actual &irectors and the
concerned *unctional directors bepresent hen maor decisions are
ta8en especiall- hen the- pertains to investment" e7penditureor
organiational or capital restructuring. B
ICVL has been authoried an investment Upto #s./5,, crores to
overseas ac0uisition proposals. ut *oroverseas investments be-ond
#s./5,, crores" ICVL is re0uired to see8 approval o* the 6overnment
to
