A consortium of Indian state-run companies won't bid for Australian mining company, Riversdale Mining Ltd. (RIV.AU), an executive of one of the member companies said Thursday.

International Coal Ventures Ltd., or ICVL, was formed in 2007 as a joint venture with participants 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) to acquire overseas assets.

-By Saurabh Chaturvedi, Dow Jones Newswires; 91-11-4356-3358; prasenjit.bhattacharya@dowjones.com
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