International Coal Ventures Ltd. has enough time to consider launching 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 C.S. Verma said Friday.

A Riversdale shareholders' meeting on Rio Tinto's bid will take place after 30 days, Verma told television channel CNBC TV18.

"Still we are very much in time and our (merchant banker's) report will be available in two weeks time. Let us see what our merchant banker says," he said.

International Coal Ventures--a joint venture between five state-run Indian companies--Thursday named Citibank as its merchant banker to advise on a counter-bid for Riversdale.

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

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