India consortium to decide on Riversdale bid on Jan 27

A state consortium will meet on January 27 to take a decision on a possible rival bid for Africa-focused coal miner Riversdale, the chairman of one of the group's members said on Saturday.

Mumbai:  A state consortium will meet on January 27 to take a decision on a possible rival bid for Africa-focused coal miner Riversdale, the chairman of one of the group's members said on Saturday.

"No decision has been taken yet," Partha Bhattacharyya, chairman of Coal India, said. "We will meet again."

The consortium, International Coal Ventures Ltd (ICVL), consists of utility NTPC, Steel Authority of India Ltd, iron ore miner NMDC, Coal India and steelmaker Rashtriya Ispat Nigam Ltd.

Anglo-Australian miner Rio Tinto has offered USD 3.9 billion to buy Riversdale in an agreed deal as it seeks secure coking coal reserves sought after by steelmakers.

Bureau Report

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