indians circling riv

Thu, 23rd Dec 2010 16:00

NEW DELHI, Dec 23 (Reuters) - International Coal Ventures (ICVL), an Indian consortium of fivestate-run firms, will appoint Citigroup to conduct a due diligence on African-focused coal miner Riversdale, an official at a member of the consortium said on Thursday.

The group will take a decision on a bid after the adviser gives its report in two weeks, the chairmain of Steel Authority of India, one of the consortium members, told reporters.

Anglo-Australian miner Rio Tinto on Thursday offered $3.9 billion to buy Riversdale in an agreed deal that is expected to be challenged by rivals seeking to secure coking coal reserves. India's International Coal Ventures (ICVL) consortium comprises of utility NTPC, SAIL, iron ore miner NMDC , Coal India and steelmaker Rashtriya Ispat Nigam Ltd, all of whom are scouting for coal to satisfy demand from the fast-growing Indian economy