ICVL

What ICVL does

International Coal Ventures Private Limited (ICVL) is a Special Purpose Vehicle incorporated in Delhi on May 20, 2009, promoted by five Indian public sector undertakings, namely SAIL, RINL, NMDC, CIL, and NTPC, to acquire overseas coal and coke assets and secure supply for India's steel and power sectors. In 2014, ICVL acquired Rio Tinto's coal assets in Mozambique's Tete Province, comprising the brownfield Benga mine and two greenfield projects, and operates them through subsidiaries ICVL Mozambique and ICVL Zambeze LDA with regional offices in Maputo. Its products are coking coal and thermal coal, supplemented by mining services, sold primarily on a captive basis to its promoter shareholders while incrementally tapping global markets through open tenders on an FOB basis from the Beira port in Mozambique.

The business model rests on long-life mine ownership integrated with rail-and-port evacuation logistics, supported by an initial authorized capital of Rs 10,000 crores. The customer base is structurally captive: the same five PSUs that own ICVL are the primary offtakers of its output, which limits diversification but provides demand certainty subject to those PSUs' continued sourcing needs. Revenue mechanics combine captive supply contracts to the promoters with growing global open-tender sales, alongside cost-side investments in locomotive and gondola wagon procurement, a tailings beneficiation plant on a Build-Own-Operate basis, and development of the Zambeze project to expand the production base. ICVL is a commodity-asset operator rather than a technology platform, with competitive positioning defined by its sovereign-backed ownership, mine ownership in a low-cost African basin, and integrated logistics rather than by proprietary technology or software.

Name

ICVL

Legal name

International Coal Ventures Private Limited

Website

https://icvl.in

Company type

Private

Founded year

2009

Operating status

Operating

Short description

ICVL is a Special Purpose Vehicle owned by five Indian public sector undertakings (SAIL, RINL, NMDC, CIL, NTPC) that operates coal mines in Mozambique's Tete Province, supplying coking and thermal coal primarily to its promoter shareholders and selectively to global buyers via FOB tenders.

Ownership category

akta.pro rank

Product category

Metallurgical and Thermal Coal Mining

NAICS

Coal Mining (2121), Underground Coal Mining (212115), Surface Coal Mining (212114)

SIC

Bituminous Coal & Lignite Mining (1220)

akta.pro primary industry

Coal Extraction Operations (Surface & Underground) (IMAKAIAG)

akta.pro secondary industries

Metallurgical Coal Mining (Coking/PCI Coal) (IMAKAIAB), Thermal Coal Mining (Steam Coal) (IMAKAIAA), Coal Preparation & Beneficiation (Washing, Crushing, Screening) (IMAKAIAH)

Keywords

• Coking coal supply
• Thermal coal sales
• Coal mining operations
• Overseas coal assets
• Metallurgical coal production

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Distribution channels1 record

Core offering

ICVL mines Run of Mine coal at the Benga Mine in Mozambique and produces coking (metallurgical) coal to meet the steel-making requirements of its Indian promoter companies, while selling thermal coal internationally through global open tenders on an FOB basis from Beira port. Coal shipments offered range in size from 38,000 to 114,000 tons (+/- 10%), with operations supported by an integrated Coal Handling and Preparation Plant, tailings beneficiation, and dedicated rail logistics.

Product overview

ICVL operates as a coal mining and processing company with a portfolio of core coal products and operational services. The company produces coking coal (metallurgical coal) and thermal coal from its Benga Mine in Mozambique's Tete Province, which it acquired from Rio Tinto in 2014. ICVL's service offerings include comprehensive coal mining operations, coal handling and preparation plant (CHPP) services, tailings Beneficiation Plant operations, and rail logistics including locomotive procurement and maintenance. The company serves its Promoter Companies (SAIL, RINL, NMDC, CIL, NTPC) with metallurgical coal while exploring international markets for thermal coal products.

Differentiator

Problem solved

Functional benefit

Products and services

• Coking Coal (Metallurgical Coal) Coking (metallurgical) coal produced from Run of Mine coal at the Benga Mine in Mozambique's Tete Province and supplied primarily to ICVL's Indian steel-producing promoter companies to meet their rising coking coal requirements.
• Thermal Coal Thermal coal (Size 0-50 mm) sold internationally on FOB basis from Beira port, Mozambique, via recurring global open tenders with shipment sizes of 38,000 to 114,000 tons (+/- 10%) per tender, to overseas power utilities, cement, paper and other industrial buyers.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Steel Authority of India Limited (SAIL)coreStrategic or Co-development PartnerSAIL holds 47.83% equity stake in ICVL and is the largest promoter. SAIL is a Maharatna CPSU and one of the largest steel-making companies in India, operating five integrated steel plants.
• Rashtriya Ispat Nigam Limited (RINL)coreStrategic or Co-development PartnerRINL holds 25.94% equity stake in ICVL. RINL is a Navratna Public Sector Enterprise and operates the Visakhapatnam Steel Plant with rated capacity of 7.3 Mtpa of liquid steel.
• NMDC LimitedcoreStrategic or Co-development PartnerNMDC holds 25.94% equity stake in ICVL. NMDC is a Navratna PSE and India's single largest producer of iron ore, producing about 35 MTPA of iron ore.
• Coal India Limited (CIL)minorStrategic or Co-development PartnerCIL holds 0.19% equity stake in ICVL. CIL is a Maharatna company and the single largest coal producer in the world, producing around 83% of India's coal.
• NTPC LimitedminorStrategic or Co-development PartnerNTPC holds 0.1% equity stake in ICVL. NTPC is India's largest energy conglomerate with installed capacity of 68,961.68 MW and is a Maharatna company.

Scale indicators2 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Coal India Limited: Coal India is the world's largest coal producer and a minor equity holder (0.19%) in ICVL. It is the natural Indian-state-owned peer for coal mining scale, and its pricing and offtake decisions directly affect ICVL's competitive position.
• Vale S.A. Vale is a global mining major and one of the largest metallurgical coal exporters globally. Comparable as a large-scale, multi-commodity miner with coking coal as a strategic product, serving global steel customers.
• Glencore plc: Glencore is one of the world's largest thermal and coking coal producers and traders, with significant marketing and trading operations. Comparable as a global integrated coal miner-trader with cross-commodity exposure.
• Anglo American plc: Anglo American historically operated metallurgical coal assets and is a major diversified global miner. Comparable as a large-scale miner with coking coal exposure and prior presence in southern African mining.

Direct peers

• Arch Resources, Inc. Arch Resources is a major US-based metallurgical and thermal coal producer. Comparable as a coal-focused miner with global seaborne coal shipments and exposure to coking coal market dynamics.
• Rio Tinto Group: Rio Tinto sold the Benga and Tete Province assets to ICVL in 2014. As the prior owner and operator of the same mines, Rio Tinto is a directly comparable global mining major with coking coal and base metals exposure.
• Peabody Energy: Peabody Energy is one of the world's largest pure-play coal producers, with significant metallurgical coal exposure. Comparable as a coal-focused miner with global coking and thermal coal shipments.
• NMDC Limited: NMDC is a 25.94% promoter of ICVL and India's largest iron ore producer. It is a direct PSU peer in Indian state-owned mining with overseas aspirations, sharing board representation and strategic alignment with ICVL's overseas mining strategy.

Others

• Steel Authority of India Limited (SAIL): SAIL is ICVL's largest promoter (47.83%) and primary offtaker of its coking coal. While not a coal miner itself, SAIL is a vertically integrated counterpart whose steel production volumes directly drive ICVL's coking coal offtake.

Emerging players

• Jindal Steel & Power Limited: JSPL is a private Indian integrated steel and power producer with captive coal mining operations and overseas coal interests. Comparable as an Indian steel-coal player serving the same domestic end-market, though operating via a different ownership model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICVL