ICVL was formed in May 2009 jointly by Steel Authority of India Ltd., National Thermal Power Corp., Coal India Ltd., Rashtriya Ispat Nigam Ltd. and National Mineral Development Corp. and has a capital base of about INR 10,000 crore and enjoys the powers of a Navaratna company. While SAIL and CIL hold 28% share each, RINL, NMDC and NTPC hold 14% each. ICVL is seeking to own about 500 million mt of metallurgical coal reserves by 2019-20.