Cabinet nod for setting up SPV to acquire coal blocks

New Delhi, Nov 8 (UNI) The Cabinet today okayed the setting up of a special purpose vehicle (SPV) at a cost of Rs 10,000 crore that would acquire coal blocks overseas.

''The SPV will acquire metallurgical and thermal coal assets overseas,'' Finance Minister P Chidambaram said after the Cabinet meeting.

Steel Authority of India Ltd (SAIL) and Coal India would invest Rs 1,000 crore each, while Rashtriya Ispat Nigam Ltd (RINL), NTPC, and National Mineral Development Corporation would each put in Rs 500 crore.

SAIL, Coal India and power generator NTPC would be part of the venture.

UNI