IVCL plans power plant in Mozambique.

International Coal Ventures Limited (ICVL), the consortium of state-run companies, which acquired mines in Mozambique from BritishAustralian metals and mining firm Rio Tinto in 2014, is planning to step up its engagement in that country by setting up a thermal power plant.

NTPC and Coal India, which were earlier part of the consortium, but decided to withdraw from it, are being requested to reconsider their membership to ensure the success of the proposed power venture.

The move has gathered momentum at a time when Prime Minister Narendra Modi is due to visit Africa later this week.

ICVL's key partners include SAILBSE 1.07 %, which is also the lead promoter, along with steel maker RINL and the country's largest state-run miner NMDC.

'We see a lot of potential in Mozambique and we would like to harness it.ICVL's mines in that country contain 65% thermal coal reserves, with the rest being coking coal. There is a possibility of setting up a thermal power plant there,' SAIL chairman P K Singh said.

NTPC and CIL had earlier said they were not keen to continue their association with ICVL since they felt the company was formed to mainly acquire coking coal mines for SAIL, RINL and NMDC, which have steelmaking interests.

ET