Major Indian steel companies to explore business in Magnolia
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  • Reports noted that major Indian steel giants have set their sights on coal-rich Mongolia after their successful venture in Afghanistan. The International Coal Ventures Limited (ICVL), a special purpose vehicle (SPV) of mineral and metal PSUs, is all set to put forth a pre-qualification bid to develop the western block of Tovan Tolgoi coal deposits in Mongolia. At the behest of the steel ministry, the ICVL has nearly finalised the details for putting up the bid.

    According to reports, in a recent meeting convened by the top brass of the mines ministry to ascertain the interests of domestic steel giants to invest in Mongolia, Steel Secretary P K Mishra asked ICVL chairman C S Verma to venture ahead and respond to Mongolia’s offer to Indian companies in putting up the bid. An estimated investment of Rs 10,000 crore would be required to operationalise the mine and expand the choked railway infrastructure there.1

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