Taking forward its plans to revamp International Coal Ventures Ltd, the Steel Ministry has

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said that Coal India Ltd and NTPC, two of ICVL's leading members, can exit the special purpose vehicle if they do not wish to scout and buy coal properties abroad.

"The thing is whether CIL or NTPC want to participate in this (ICVL). If they do not want to participate they can resign from it. It is a big venture. If anybody wants to withdraw they can withdraw," Steel Minister Virbhadra Singh told PTI in an interview.

The ministry is considering restructuring ICVL — a special purpose vehicle formed by five big PSUs like SAIL, NTPC, CIL, NMDC and RINL, to acquire coal assets abroad — or even replacing it with a new company as it has failed to make much headway in buying assets during the past two years.

One of the primary reasons for such a deadlock, is the presence of PSUs from three different ministries. ICVL comes under the Ministry of Steel. Steel maker SAIL, RINL and mining giant NMDC are also under the Steel Ministry, while NTPC is under Power Ministry PSU and CIL under the Coal Ministry.

Asked if the Steel Ministry would like to talk with the other ministries concerned or the PSUs before asking them formally to leave, Singh said, "They would have participated in it after due deliberation. If they resign. I can't question them."

Meanwhile, the Steel Ministry is also learnt to be planning a special arm under SAIL to spearhead overseas acquisitions, mainly in the mining sector, both coal and iron ore. ICVL's operations were limited to buying coal assets.