Continuing with efforts for ensuring raw material security and forging alliances with global entities for tapping new markets, C.S. Verma, Chairman, Steel Authority of India Limited (SAIL), met a high-level delegation from the United States of America headed by Robert F. McDonnell, Governor of the Commonwealth of Virginia, USA, at Ispat Bhavan here today. The Governor was accompanied by Virginia’s Secretary of Commerce & Trade James S. Cheng and State Treasurer Ms Manju S. Ganeriwala.
Verma held discussions with the Governor for facilitating acquisition of coking coal assets and companies in the mineral-rich state of Virginia which could become a sustainable source of coking coal for the promoter companies of International Coal Ventures Private Limited (ICVL). McDonnell assured his support in providing ICVL with requisite geological information and in identification of coking coal assets and mines.
He also discussed the possibility of facilitating business between ICVL and small and medium mining companies in Virginia by forming joint ventures, besides exploring opportunities for greenfield locations. The Governor emphasised upon Virginia’s state-of-art rail and port infrastructure required to maintain and build a sustainable working relation with ICVL. In order to facilitate Indian investment in Virginia, an office has been opened by the state in Mumbai.
In 2009, Forbes magazine named Virginia the best state in the US for business for the fourth year in a row, while CNBC named it the top state for business in 2007, 2009 and 2011. Annually, Virginia produces over 24 million tonnes of coal and exported over US$ 293 million worth of goods & services to India in 2010, marking a 55% increase in the last two years. Virginia, which boasts of 31 Fortune 500 companies, has a considerable Indian industrial and corporate presence as well.
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