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The Times of India reported that International Coal Ventures (ICVL) has acquired Rio Tinto’s (NYSE:RIO) coal assets in Mozambique. The move represents a major acquisition for the coal sector.
As quoted in the publication:
IVCL, a joint venture of SAIL, CIL, RINL, NMDC & NTPC, had been scouting for coal assets abroad since its inception in 2009 but had failed to clinch a deal so far. With the new takeover, the steel majors will not run short of raw material any longer.