Union coal ministry will make recommendations to the steel ministry for the exit of Coal India (CIL) from the 
 theICVL consortium.
 
 Coal ministry would make the recommendation after it receives letter from CIL informing its decision to exit the consortium. ICVL is a special purpose vehicle formed to acquire mines abroad.
 
 Soon, CIL will finalise the minutes of the board's meeting (in which the decision to exit was taken) and by next week the coal major will write a letter to the coal ministry intimating its decision to quit ICVL.
 
 ICVL, a joint venture between companies like SAIL, CIL, and NMDC - incorporated in 2009 - was conceptualised by the steel ministry for securing much-needed coking coal and thermal coal assets in overseas territories.
 
 SAIL and CIL each hold 28 per cent stake and RINL, NMDC and NTPC 14 per cent each in ICVL. ICVL, which has Rs 10,000 crore authorised capital and Rs 3,500 crore equity capital, has not been able to taste any success since its formation.