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New UserCoalMin invokes bank guarantees for coal blocks
01 Mar 2016
The coal ministry has invoked the bank guarantees (BG) of eight coal blocks for delay in development of the same by the prior allottees.
According to the allotment letter, 50% of BG was related to the achievement of milestones stipulated for developments and the remaining 50% was related to production.
The ministry observed that these coal blocks could not commence production till their cancellation by the Supreme Court and hence decided to invoke the BG to be submitted by the prior allottees.
The BG amounts with respect to the coal blocks and the names of allottees are given below:
|
Coal Block |
Amount in Rs lakh |
Earlier allotted to |
|
Ganeshpur Coal block |
35.34 |
Tata Steel and Adhunik Therman Energy |
|
Jogeswar and Khas Jogeswar Coal Block |
39.196 |
Jharkhand State Mineral Development Corporetion |
|
Tandsi III and Tandsi III extention |
10.5245 |
Midest Integrated Steels Ltd |
|
Mednirai Coal Bloak |
41.8308 |
Rungta Mines Ltd and Kohinoor Steel P Ltd |
|
Sondiha Coal Block |
2.28 |
Chattisgarh Mineral Development Corporation |
|
Andal East Coal Block |
14.112 |
Bhushan Steel, Balaji Industries Ltd Rashmi Cement |
|
Palma Sector III |
NA |
Goa Industrial Development Corporation |
|
Kesla North Coal Block |
NA |
Rathi Udyog Ltd |