banner-1 Hon. Minister of Steel Sh. Narendra Singh Tomar
माननीय इस्पात मंत्री, श्री नरेंद्र सिंह तोमर
banner-1 Hon. Prime Minister of India
भारत के माननीय प्रधानमंत्री जी
banner-1 Hon. Minister of State for Steel Sh. Vishnu Deo Sai
माननीय राज्य इस्पात मंत्री, श्री विष्णु देव साई

Steel ministry panel

Steel ministry panel advocates for more powers to ICVL

PTI reported that a steel ministry panel has suggested delegating more powers to the management of International Coal Ventures to enable it to take speedy decisions on acquiring coal assets abroad.

The panel, constituted for rationalizing the procedure for import and optimizing the use of coking coal, said in its report “The management will have to be delegated with powers to decide quickly on merchant bankers, due diligence etc.” It also recommended that the procedures need to be simplified to choose agencies that do legal, technical and financial due diligence while evaluating the suitability and value of the projects. 

Set up in 2009 as a consortium of five state run firms, ICVL is empowered to make investments up to INR 1,500 crore. For proposals exceeding that, it needs to take approval from an empowered committee of secretaries.

ICVL has failed to acquire any assets so far.