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Jan 20, 2020, 09.50 AM IST

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COAL PROJECT

Govt to stop substitutable coal import; can go for auction of 100 fully explored new blocks: Joshi

The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act 1957 and Coal Mines (Special Provisions) Act 2015.

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  • Siemens was awarded a contract last year to provide signalling technology for a railway line to transport coal from a remote coal mine run by India's Adani Group in northern Queensland state.

    Coal Mines Provident Fund Organisation commissioner Animesh Bharti told ET: “Following a recent resolution by the trustee board of the CMPFO, coal companies will soon be asked to make voluntary contribution of Rs 10 per tonne of coal produced.

    Environmental activists are concerned that the continued use of coal as will lead to higher emissions of carbon dioxide, a gas which is linked to global warming. Engineering giant Siemens has said it will decide by Monday on its involvement in the development of the mine which is being built by Adani Power, its CEO Joe Kaeser said on Friday.

    The Central Bureau of Investigation (CBI) on Thursday had registered a case against former officials of the National Co-operative Consumer Federation (NCCF) and others over alleged irregularities in supply of coal to the Andhra Pradesh Power Generation Corporation (APGENCO) in 2010.

    The ministry cleared 14 of the 23 projects it considered. This is likely to help Coal India meet its targets of producing 750 million tonnes next fiscal requiring achievement of a 14% growth over current year’s 660 million tonnes target, and one billion tonnes target by 2024.

    "The resource is limited. The assessment helps us creating a roadmap on how best the resource can be allocated keeping special focus on less developed districts," Nabard's chief general manager in Kolkata Subrata mandal told ET. Nabard has unveiled the state focus paper for 2020-21 on Friday.

    The company has bagged opportunities presented by the solar policy of the recently merged UTs, that makes it mandatory for industrial units to install solar rooftop projects, riding on its high project execution standards. Evenly spread across Daman, these projects are scheduled to be commissioned by the end of the current financial year.

    The companies can sell the coal blocks after they achieve their peak capacity. Also, the successful bidder shall produce coal not below 50% of the scheduled production as per approved mine plan in a year and not less than 70% of the scheduled production in any block for three years.

    Besides GMR Airports Limited a GMR Group company, Incheon International Airport Corporation,Groupe ADP Consortium and Corporation America Airport were also qualified, the Montenegrin Transport Ministry said.

    The agency has registered the FIR under charges of criminal conspiracy, cheating under IPC and PPCA after a preliminary enquiry. It was alleged that in 2010, APGENCO had floated a tender for the supply of 6 lakhs MT of coal on free-on-rail destination basis to Dr Narla Tata Rao Thermal Power Station, Vijayawada and Rayalseema Therma Power Plant, Kadapa from any port.

    “With the acceleration of the global energy transition, we do not believe that the long-term economic or investment rationale justifies continued investment in this sector," the world’s largest money manager with $1.8 trillion in assets under management, said in a letter to its clients.

    As part of the proposed agreement, Avighna Group is expected to take care of entire execution and marketing of the project, while HBS Realtors will bring in the land parcel. Avighna Group is likely to finance its part of investment into this project through internal accruals and sales collections.

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