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Article: Govt approves coal SPV.

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PTI - The Press Trust of India Ltd.
Article date:
November 8, 2007
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Govt approves coal SPV

New Delhi, Oct 11 (PTI) -- The government today gave the go-ahead to a Special Purpose Vehicle (SPV) formed by leading steel and mineral PSUs in the country to acquire stakes in overseas coal mines to meet their growing production needs.

"The Union Cabinet today gave its approval to the SPV formed by the steel companies to acquire coal properties abroad," Finance Minister P Chidambaram told reporters here after the Cabinet meeting, which was chaired by Prime Minister Manmohan Singh.

The proposed SPV will have an authorised capital base of Rs 10,000 crore and a paid up capital of Rs 3,500 crore, he said.

Steel ...

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