Sunday, Sep 27, 2020 | Last Update : 07:17 AM IST

186th Day Of Lockdown

Maharashtra130045899280634761 Andhra Pradesh6614585881695606 Tamil Nadu5693705138369148 Karnataka5572124503028417 Uttar Pradesh3785333136865450 Delhi2644502284365147 West Bengal2410592110204665 Odisha201059165432820 Telangana1838661524411091 Bihar175898161510881 Assam167374136712625 Kerala160935111327636 Gujarat1303911105923394 Rajasthan1247301042881412 Haryana1205781012731273 Madhya Pradesh117588932382152 Punjab107096840253134 Chhatisgarh9856566860777 Jharkhand7770964515661 Jammu and Kashmir69832495571105 Uttarakhand4533233642555 Goa3107125071386 Puducherry2548919781494 Tripura2412717464262 Himachal Pradesh136799526152 Chandigarh112128677145 Manipur9791760263 Arunachal Pradesh8649623014 Nagaland5768469311 Meghalaya5158334343 Sikkim2707199431 Mizoram178612880
  Business   In Other News  09 Jan 2020  Coal mining opened up for all companies

Coal mining opened up for all companies

FC INVESTIGATIVE BUREAU
Published : Jan 9, 2020, 12:54 am IST
Updated : Jan 9, 2020, 12:54 am IST

The measure, the government believes, will promote foreign direct investment and ease of doing business in the sector.

In a bid to attract investments and boost coal production, the government on Wednesday approved promulgation of an ordinance to open up the coal mining sector further by allowing non-coal companies to take part in auctions without end-use restrictions.
 In a bid to attract investments and boost coal production, the government on Wednesday approved promulgation of an ordinance to open up the coal mining sector further by allowing non-coal companies to take part in auctions without end-use restrictions.

New Delhi: In a bid to attract investments and boost coal production, the government on Wednesday approved promulgation of an ordinance to open up the coal mining sector further by allowing non-coal companies to take part in auctions without end-use restrictions.

The Centre also gave its nod for concluding auction of iron ore and other mineral mines before the expiry of their mining lease on March 31 to avert disruption in production.

 

Besides, the Union Cabinet, which met under by Prime Minister Narendra Modi, approved Rs 5,559 crore-viability gap funding for the proposed North-East gas grid and divestment in Neelachal Ispat Ltd by six public sector undertakings (PSUs), among others.

The Union Cabinet approved promulgation of Mineral Laws (Amend-ment) Ordinance 2020 to amend Mines and Minerals (Development and Regu-lation ) Act 1957 and Coal Mines (Special Provisions) Act 2015 to open up coal mining to non-coal players while removing restrictions on end-use of the fuel.

The measure, the government believes, will promote foreign direct investment and ease of doing business in the sector.

 

Industry hailed the move and CII president Vikram Kirloskar said, “The opening up of the sector without end-use restrictions will boost both production and mining efficiency, besides substituting import of coal worth about Rs 30,000 crore."

Speaking to the media, oil and steel minister Dharmendra Pradhan and coal minister Pralhad Joshi said that the promulgation of the ordinance will aid the sector’s growth.

“The ordinance will allow auction of 46 iron ore and other mines before March 31, 2020. Though the auction process of these mines have started, this amendment will strengthen the auction process and it will also facilitate the seamless transfer of all statutory clearances,” Pradhan said.

 

By the Coal Mines (Special Provisions) Act (CMSP Act), 204 blocks that were cancelled by the Supreme Court had end-use restrictions.

The cabinet also approved a Rs 5,559 crore viability gap funding for the 1,656-km North-East natural gas pipeline grid that will connect Guwahati to major cities in the region, such as Itanagar, Dimapur, Kohima, Imphal, Aizwal, Agartala, Shillong, Silchar, Gangtok and Numaligarh.

The pipeline will enable supply of piped cooking gas to households and CNG to automobiles and industry in the region. In the absence of anchor customers, the Rs 9,265-crore pipeline is not economically viable. “The CCEA (cabinet committee on economic affairs) approved a viability gap funding of 60 per cent of the project cost,” Pradhan said.

 

The Cabinet also gave its a nod for six PSUs to divest their shares, in Neelachal Ispat Ltd. “The six PSUs are MMTC, National Mineral Development Corporation, Bharat Heavy Electrical Ltd, Odisha Mining Corporation, Odisha Investment Corpor-ation and Mecon," information and broadcasting minister Prakash Javadekar said, adding that MMTC will sell 49 per cent in Neelachal Ispat, while OMC 20 per cent, OIC 12 per cent and NMDC 10 per cent.

Tags: narendra modi, union cabinet, coal mining