At the initiative of Ministry of Steel, Government of India, International Coal Ventures Private Limited has been set up as a Joint Venture Company with SAIL, CIL, RINL, NMDC and NTPC as the promoter companies for securing metallurgical coal and thermal coal assets in overseas territories with the following objectives:
- To ensure supply of imported met coal, of at least 10% of the 2019-20 requirements of SAIL and RINL, i.e. say five million tonnes per annum, from assets overseas as medium term target to be achieved by 2011-12, being a step towards security of supply.
- To be an owner of about 500 million tonnes of met coal reserves by 2019-20.
- To meet the requirements and to serve the organizational aspirations of other participating companies like CIL, NTPC and NMDC by providing a facility for enhancing and leveraging their domain knowledge and human capital for international mining business development and also for procuring high quality thermal coal for companies like NTPC.