ICVL to appoint adviser on Riversdale stake bid: Source

ICVL to appoint adviser on Riversdale stake bid: Source

New Delhi: An Indian consortium of state-run companies will meet later on Wednesday to appoint a merchant bank to advise on whether it should bid for a stake in Africa-focused Riversdale Mining, a source at a member of the consortium told Reuters.

“We are inclined towards bidding (for a stake in Riversdale) subject to the outcome of due diligence," the source said, requesting anonymity.

The members of the International Coal Ventures (ICVL) consortium are NTPC, Steel Authority of India, NMDC, Coal India and Rashtriya Ispat Nigam Ltd.

“The board is meeting this evening to appoint a merchant banker to do the due diligence," the source added.

He said ICVL was not interested in full control of Riversdale.

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