(EnergyAsia, October 13 2014, Monday) — India’s state-owned International Coal Ventures Private Limited (ICVL) has completed its acquisition of European miner Rio Tinto’s coal assets in Mozambique.

Rio Tinto said the US$50 million sale, announced on July 30, was completed following the fulfilment of all conditions needed for regulatory approvals. The assets, which the firm took over as part of its acquisition of Riversdale Mining Limited in 2011, comprise the 60%-owned Benga coking mine, and coal projects in Zambeze and Tete East in the African country’s Tete province.

Rio Tinto said its assets in other parts of the country remain unaffected by the transaction.

ICVL is a joint venture company set up by the Indian government solely to acquire coal mines and assets abroad. The company’s shareholders include Steel Authority of India Limited, Coal India Limited, Rashtriya Ispat Nigam Limited, National Minerals Development Corporation Limited and National Thermal Power Corporation Limited.