Companies & Sectors
PMO asks Coal Ministry to give deallocated mines to CIL

PMO said Coal India should appoint mine developer and operators to begin production from these deallocated coal blocks without further delay

New Delhi: The Prime Minister's Office (PMO) has asked the Coal Ministry to fast-track the process of taking back the coal blocks from private firms which have not developed them and giving the deallocated coal mines to Coal India (CIL), reports PTI.

"Recently, the PMO has asked to expedite the process of coal blocks deallocation and give the deallocated blocks to Coal India," an official with the Coal Ministry privy to the development told PTI.

Also, the PMO has said the CIL should appoint mine developer and operators (MDOs) to begin production from these deallocated coal blocks without delay, the official said.

The Coal Ministry had recently allotted 116 mines to CIL for expansion to help it boost production capacity amid the PSU drawing flak for coal shortage across the country.

Though the CIL had asked for 138 mines, the Coal Ministry asked the coal major to recast its plans.

Since CIL is a government-owned company, the Coal Ministry under the government dispensation route has the right to allocate mines to the CIL, an official in the Ministry had said earlier.

Coming down heavily on the private companies delaying the development of coal blocks allocated to them for captive use, the government had recently issued show-cause notices to 58 coal block allottees which have delayed the production from the mines.

The notices were issued to firms such as Reliance Power's Sasan, Tata Power, Hindalco, Grasim Industries, JSW, Bhushan Steel, TVNL, Jharkhand State Mineral Development Corporation and Chhattisgarh Mineral Development Corporation, among others.

The notices sought reasons for delay in developing blocks and warned them of cancellation of mines if no explanation was given in 20 days.
 

User

Economy & Nation Exclusive
Tata Sons invest Rs497.5 crore to buy additional 4.8% stake in IHCL

Tata Sons, the promoter of all key companies of the Tata Group, had acquired 4.8 crore shares in IHCL for about Rs497.47 crore through preferential allotment

 

New Delhi: The Indian Hotels Company Ltd (IHCL) on Wednesday said Tata Sons Ltd has increased stake in it by 4.78% to 24.36% at an investment of Rs497.47 crore, reports PTI.

IHCL and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.

Tata Sons, the promoter of all key companies of the Tata Group, had acquired 4.8 crore shares in IHCL for about Rs497.47 crore through preferential allotment on 22nd June this year, the company said in a filing to BSE.

Before the transaction, Tata Sons held 19.58% stake in IHCL, the filing added.

The Taj Hotels Resorts and Palaces currently has 93 hotels in 55 locations across India with an additional 16 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.

Shares of Indian Hotels Company Ltd today closed at Rs58.85 per scrip on BSE, down 0.76% from its previous close.

User

Block closure for three days from tomorrow at Tata Motors

 The block closure was taken in view of the quarterly closing as Tata Motors said it cannot pile up inventory

Jamshedpur: Production will be halted at Tata Motors block for three days from tomorrow because of the 'prevailing economic condition', the company said on Wednesday, reports PTI.

"A block closure has been announced from 28 to 30 June in the Jamshedpur plant," Tata Motors spokesman PJ Singh said.

"We are market driven company that is why we have taken the decision," Singh told PTI when asked for the reason.

"The block closure was taken in view of the quarterly closing as we cannot pile up inventory," he added.

It has been announced with the consent of employees following a meeting held yesterday, he said.

Telco Workers Union General Secretary Chandrabhan Singh said production has dropped in the last two months and was almost negligible since 23rd June.

He said 50% of the block closure would be adjusted against leave of employees and the remainder would be borne by the company.

Around 10,000 employees will be affected by the three day closure, which will be followed by a Sunday, the weekly off day.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)