Govt to de-allocate coal mine given to Bihar Sponge Iron
SME News, Thursday, Nov 22, 2012 15:41:35 PM IST
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- Bihar Sponge Iron
- Coal Sector
- Jayaswal Neco
- Jindal Steel & Power Ltd
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NEW DELHI: Centre will de-allocate a coal block sanctioned to Bihar Sponge Iron and also cut the Rs 26.5-crore bank gurantee in case of Jindal Steel & Power Ltd (JSPL) and Jayaswal Neco.
Coal Ministry said, “As the company has been given a number of opportunities to develop the coal block and...has failed to develop the same. It has been decided to de-allocate the Macherkunda coal block in the state of Jharkhand from Bihar Sponge Iron Ltd. In addition, it is further decided to return the full bank guarantee amount without any deduction.”
The Coal Ministry also wrote told JSPL that it will deduct bank guarantee worth Rs 16.5 crore with regard to Jitpur coal block in Jharkhand sanctioned to the company.
The Inter-Ministerial Group (IMG) has concluded the review of blocks given to both private and public sector companies.
Centre had constituted the IMG in July with the aim to review coal blocks' progress sanctioned to companies for captive use.
Centre had constituted the IMG in July with the aim to review coal blocks' progress sanctioned to companies for captive use.
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