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JSPL Hopeful of Securing Gare Palma VI/1 Coal Block

Coal News - Published on Mon, 09 Dec 2019

Image Source: JSPL Gare Palma IV/1
Jindal Steel & Power Limited MD Mr VR Sharma told ET that JSPL is still hopeful of getting Gare Palma IV/1 coal block. He told “If there is an official intimation, there is going to be a confirmation. They have neither rejected nor have they kept it at hold and nor have they have commented on this mine. There would be some internal discussion in the ministry and we are very much confident and hopeful that on Monday we would get it. We are very much confident that the decision will be taken in our favour.”

He added “It is not a school or university result that it has to come out on the same day. So for each and every allocation, mines and assets, there may be some internal decisions because Coal India is already operating this mine and there must be some dialogues and discussions within the ministry. Everything has been done as per the Government of India’s requirements for the e-auction and the forward auction. We participated in it and we were declared as H1 bidders. There is no reason that government would decline our stake on this mine because we are H1.”

India’s Ministry of Coal has approved the allocation of five coal mines last week. This was the result of the electronic auction conducted by Ministry of Coal in first week of November 2019 when ministry had initiated the auction processes for 27 coal mines for non-regulated sectors. The significant feature of the allocations is that for the first time, the successful bidders shall have the flexibility to sell 25% coal produced in the open market.

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Posted By : Yogender Pancholi on Mon, 09 Dec 2019
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