Indian coal consortium International Coal Ventures (ICVL) led by Steel Authority of India (SAIL) has shortlisted four to five coking coal mines in Australia, the US and Mozambique for acquisition.

The consortium includes public sector giants NTPC, Coal India, NMDC and Rashtriya Ispat Nigam.

ICVL head and SAIL and NMDC joint chairman C S Verma noted that the shortlisted projects are currently at different stages of due-diligence.

It is a significant time to purchase coal projects looking at the global slowdown of production of the commodity and the stability in the coal prices after a long precarious environment, added Verma.

The consortium had to let go of many coal project bids nearing maturity with the high degree of volatility in the coal prices.

Coal India, meanwhile, is reportedly mulling the exit from the consortium after 14% stakeholder NTPC abandoned the group.

The coal giant is on board and is attending most of the group meetings, Verma claimed.