International Coal Ventures Ltd. Thursday appointed Citibank to advise it on making a counter-bid to Rio Tinto Ltd.'s (RIO.AU) A$3.9 billion takeover offer for Perth-based Riversdale Mining Ltd. (RIV.AU), its chairman said Thursday.

"We have appointed Citibank. The merchant bank will submit its report in next two weeks, based on which we will take a call on counter-bidding for Riversdale," C.S. Verma told reporters.

ICVL is a joint venture between five state-run Indian companies--Steel Authority of India Ltd. (500113.BY), NTPC Ltd. (532555.BY), NMDC Ltd. (526371.BY), Rashtriya Ispat Nigam Ltd. and Coal India (533278.BY).

Earlier Thursday, Rio Tinto won the endorsement of Riversdale's board for an improved cash offer of A$16 a share, compared with an original indicative offer of A$15 announced Dec. 6.

-By Saurabh Chaturvedi, Dow Jones Newswires; +91-11-4356-3334; rakesh.sharma@dowjones.com
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