It's a race against Rio Tinto's Riversdale bid

Dec 24, 2010 |

Reuters

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Reuters

Mumbai: An Indian consortium of five state-run firms has a month to launch a possible rival bid to Rio Tinto's $3.9 billion offer to buy African-focused coal miner Riversdale, the chairman of one of the group members said on Friday.

International Coal Ventures Ltd (ICVL) on Thursday appointed Citigroup to conduct due diligence on Riversdale, with a report to be submitted in two weeks.

"Citi's mandate is to tell us whether we should consider a bid higher than $3.9 billion," Partha Bhattacharyya, chairman of Coal India(COAL.BO), told Reuters by telephone.

ICVL consists of utility NTPC, Steel Authority of India Ltd, iron ore miner NMDC, Coal India and steelmaker Rashtriya Ispat Nigam Ltd.

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