Coal India achieved a staggering production of 536.51 million tonnes during the financial year ended March 31, 2016
The government may offload a maximum of 10 per cent of its stake in the state-run firm. Currently, its holdings in CIL stands at 100 per cent.
RINL, whose two coking coal blocks in Jharkhand -- Mahal allocated in 2005 and Tenughat-Jhirki allocated in 2008 -- were de-allocated by the Coal Ministry at the beginning of this month, had earlier requested permission to surrender these blocks in lieu of two alternative blocks in the region.
The Central Vigilance Commission has convened a meeting with Central Bureau of Investigation Director Ranjit Sinha to discuss the missing files with details of coal block allocations.
In its draft report, the research agency has recommended linking the valuation of coal reserves to be put up for bidding to international prices.
The company has already received the coal ministry's nod to reduce the face value of its shares to Rs 10 from Rs 1,000 at present.
Former Coal Secretary H C Gupta, who resigned as member of Competition Commission of India, was on Thursday questioned by the Central Bureau of Investigation in connection with coal blocks allocation from 2006 to 2009 during his tenure.
The Central Bureau of Investigation is likely to inform the Supreme Court that it has received all the relevant files related to coal block allocation scam and might recommend closure of preliminary enquiries in this regard.
PSU, other govt bodies told to explain delay on developing the concessions for years.
Says Coal India is ready to sign at 80% trigger level, with 15% imported coal on cost-plus model.
In one of the first steps towards coal block re-allocation, the government has finalised the methodology to calculate coal price for e-auction and a Cabinet proposal on this is likely to be floated in a fortnight.
Ray of hope for power, metal companies.
Tamil Nadu Chief Minister M K Stalin has strongly opposed the central government's award of tungsten mining rights in Madurai district, urging Prime Minister Narendra Modi to cancel the decision. Citing concerns about a biodiversity heritage site and potential impacts on local communities, Stalin asserted that the state government will not permit mining in the area.
Coal production by Coal India (CIL) has grown slower than the captive mines, awarded over the last six years. During 2020-22, production from the captive mines jumped by 38.5 per cent while CIL saw a tepid growth of 3.4 per cent, according to government data. In terms of dispatch to the power sector, captive mines have raced ahead, witnessing a growth of 72 per cent compared to 15 per cent for CIL. For the current fiscal year, CIL's production is expected to be around 565 million tonnes.
Amid the low stock position at the electricity generating plants, state-owned CIL has asked its subsidiaries to refrain from conducting any further e-auction of coal, except special forward e-auction for the power sector, till the situation stabilises. The development assumes significance as the supply of coal is being prioritised to the power sector to replenish the dwindling stock in the wake of reports of an electricity crisis looming large. "In view of the current low stock position at the powerhouse end, supply of coal is being prioritised to the power sector to replenish the dwindling stock...coal companies are advised to refrain from conducting of any further e-auctions of coal with the exception of special forward e-auction for the power sector, till the situation stabilises," Coal India said in a recent letter to its arms, including Eastern Coalfields Ltd (ECL), Bharat Coking Coal Ltd (BCCL), Central Coalfields Ltd (CCL).
Former Union Minister and senior BJP leader Bandaru Dattatreya on Sunday said Prime Minister Manmohan Singh should take 'moral responsibility' for wrongful loss to exchequer due to the coal scam.
The Union ministry of coal, while acknowledging that domestic coal stock is not enough to meet the power demand, asked state governments and the power generating companies (gencos) to import coal before monsoon season sets in. The ministry has warned the gencos if they do not import coal for 10 per cent blending in their fuel demand by the end of this month, blending benchmark would be increased to 15 per cent. The order pertains to all - central, state and independent power producers (IPPs)/privately owned units.
A direction is this regard was given on Wednesday after Finance Minister P Chidambaram and Coal Minister Sriprakash Jaiswal met in the presence of the secretaries of the Department of Economic Affairs and Coal Ministry
In a bid to diversify its portfolio, the state-owned National Thermal Power Corporation proposes to foray into new areas, including coal mining and coal washeries, through the joint venture route where it would hold minority stake.
India and the United States will finalize the contours, schedule of negotiations, and terms of reference for a proposed bilateral trade agreement (BTA) during a three-day meeting beginning Tuesday. The agreement is expected to be finalized in two tranches, with the first phase focusing on goods trade. The US team, led by Assistant US Trade Representative for South and Central Asia Brendan Lynch, will be in India from March 25-29 to discuss the agreement. Both countries are aiming to conclude the first phase of the agreement by fall 2025.
CAG audit is likely to be completed in six months.
The central government has admitted before the Supreme Court that 189 out of the 236 documents sought by the Central Bureau of Investigation, which is probing coal block allocation scam, is "not-available".
Minster of State in the Prime Minister's Office V Narayansami today said Centre is examining demands for including coal block allocations made during national Democratic Alliance rule within purview of Central Buerau of Investigation probe.
The Central Bureau of Investigation has recorded statements of the then ministers of state in the coal ministry Santosh Bagrodia and Dasari Narayan Rao in connection with the coal block allocation scam.
NRW is one of the leading providers of construction and mining services with a turnover $1.35 billion in 2011-12.
So far, CBI's investigations into the coal scam are highly superficial and limited to small fishes. It is unlikely to go deeper in the political connections, a source tells rediff.com
Former minister of state for coal Dasari Narayan Rao, an accused in Jharkhand's Amarkonda Murgadangal coal block allocation scam case, on Tuesday said that decisions to allocate coal blocks were taken by then Prime Minister Manmohan Singh, who was also heading the coal ministry at that time.
Making a stinging criticism of the Central Bureau of Investigation and senior officials of the coal ministry and the Prime Minister's Office, the Supreme Court on Wednesday hauled them up for changing the "heart" of the coal-gate probe report but appeared to have given a breather for Law Minister Ashwani Kumar and the government for the time being.
Having set an ambitious target for capacity addition, the power ministry on Monday sought to push ahead with the agenda seeking regulators for coal and petroleum sectors even as it criticised public sector power companies
According to coal ministry officials, the Bill is likely to be introduced in the Lok Sabha on Wednesday. The Coal Mines (Special Provisions) Ordinance, 2014 was brought in October this year in the wake of the Supreme Court's decision cancelling 214 coal blocks.
Law Minister Ashwani Kumar's fate hung in balance as the Supreme Court takes on record on Tuesday CBI Director's affidavit and the agency's status report on the coal blocks allocation scam that was shared with the minister and senior officials of PMO and Coal ministry.
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An advocate on Thursday moved the Supreme Court seeking directions to the Central Bureau of Investigation to name Prime Minister Manmohan Singh in its FIR filed against industrialist Kumar Mangalam Birla and former Coal Secretary P C Parakh in a coal block allocation case.
The Central Bureau of Investigation has alleged that some companies which were allotted coal blocks between 2006 and 2009 had "misrepresented" facts and made "fraudulent" claims to "embellish" their applications to get the allotments.
The government on Friday asked three firms, Tenughat Vidyut Nigam, Andhra Pradesh Power Generation Corp and Jharkhand State Mineral Development Corp, to begin production from coal blocks allocated to them for captive use without further delay.
In a bid to break the monopoly of public sector coal companies, the government is planning to permit private coal mining companies to sell the commodity, thus overcoming the need for legislative changes.
As it wants to put a sizeable number of shares in the market and also offer them to employees and farmers displaced by its mines.
The government will now auction 23 mines, instead of 24
Special court was that Manmohan Singh took the "ultimate decision" as the then coal minister in allocation of the blocks.
Koda, Basu and two accused public servants conspired to favour VISUL in the coal block allocation, the agency alleged.
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