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SAIL, ICVL Pursue Coal Mining in Virginia
11/25/2011 - SAIL recently met with a high-level delegation from the Commonwealth of Virginia at Ispat Bhavan as part of its ongoing efforts to ensure raw material security and forge alliances for new markets.
C.S. Verma, Chairman, Steel Authority of India Ltd. (SAIL), recently met a high-level delegation from the U.S. headed by Robert F. McDonnell, Governor of the Commonwealth of Virginia, at Ispat Bhavan as part of its ongoing efforts to ensure raw material security and forge alliances for new markets. The Governor was accompanied by Virginia's Secretary of Commerce & Trade James S. Cheng and State Treasurer Manju S. Ganeriwala.
Verma held discussions with the Governor for facilitating acquisition of coking coal assets and companies in Virginia, which SAIL believes could become a sustainable source of coking coal for the promoter companies of International Coal Ventures Private Ltd. (ICVL). ICVL will be provided with requisite geological information and helped with identification of coking coal assets and mines.
McDonnell discussed the possibility of facilitating business between ICVL and small and medium mining companies in Virginia by forming joint ventures, in addition to exploring opportunities for Greenfield locations. The Governor emphasized Virginia's state-of-the-art rail and port infrastructure required to maintain and build a sustainable working relationship with ICVL. To facilitate Indian investment in Virginia, an office has been opened by the state in Mumbai.
Virginia produces over 24 million tonnes of coal annually, and it exported over US$293 million worth of goods and services to India in 2010, a 55% increase in the last two years.
