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Indian Group Plans Mozambique Power Plant After Buying Rio Asset

International Coal Ventures Pvt Ltd., the Indian group that bought Rio Tinto Group’s coal-mining assets in Mozambique for $50 million this year, plans to build a power plant in the country.

The coal-fired facility will be developed “very soon,” Ajay Mathur, chief executive officer of ICVL, as the New Delhi-based group is known, said by phone yesterday, without giving details of its size. ICVL is already exporting coking coal for steelmaking from Mozambique, Mathur said. The power plant will use “some of the thermal coal and waste product to generate power locally,” he said.