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Goa asks GIDC to Arrange Alternate Funds for coal block

Coal News - Published on Fri, 15 Nov 2019

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Goa’s finance department officials have informed GIDC that they are against a Goa Industrial Development Corporation proposal which seeks nearly INR 200 crore from the government to pay the performance guarantee for a coal block that GIDC plans to operate. Sources said “The state doesn’t have surplus money to give at the moment. The government cannot take such a liability on itself. GIDC should explore other avenues for the funds needed for the performance guarantee, as required by norms set by the centre.”

The Dongri Tal II coal block at Singrauli in Madhya Pradesh has been allocated to Goa as part of the fifth tranche of allotment by the coal ministry. Coal mines have been allotted to state governments for sale of coal under the Coal Mines (Special Provisions) Act, 2015. The Centre said it will accept upfront payments in three instalments from successful bidders, along with the performance guarantee, equivalent to a year’s royalty, prior to the formal signing of the coal mine development and production agreement.

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Posted By : Yogender Pancholi on Fri, 15 Nov 2019
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