The government has decided to re-allocate three coal blocks—Chatti-Bariatu, Kerandari and Chatti-Bariatu (South)—to NTPC but all the necessary clearances are not in place
New Delhi: The power ministry is in constant touch with coal ministry to speed up the re-allocation of three mines to NTPC, which would boost the power producer’s valuation ahead of its Rs12,000 crore disinvestment this fiscal, reports PTI.
The government has decided to re-allocate three coal blocks—Chatti-Bariatu, Kerandari and Chatti-Bariatu (South)—to NTPC but all the necessary clearances are not in place.
“We are in constant talks with the coal ministry to speed up the re-allocation of coal mines to NTPC,” power secretary P Uma Shankar told PTI.
He did not share specific details.
Re-allocation of the coal blocks would boost the overall market valuation of NTPC, which is grappling with fuel shortages. Better share prices, during disinvestment, would in turn help in fetching higher returns for the government, which is hard-pressed for resources.
“The re-allocation (of coal mines) will improve NTPC’s valuation,” Shankar said.
The three blocks were taken back from NTPC by the coal ministry citing long delays in developing them.
Last month, a power ministry official had said that preparations for NTPC share sale would start only when the three coal blocks are re-allocated.
Power minister Jyotiraditya Scindia, last month, had said the coal blocks would be re-allocated at the earliest.
In November 2012, the Cabinet Committee on Economic Affairs had approved NTPC stake sale.
The country's largest power producer NTPC became public with its initial public offering hitting the market in 2004.
Thereafter in 2009, the government further diluted its stake in the company through a Follow-on Public Offer (FPO).
Government holds 84.50% in NTPC, a ‘Maharatna’ company, which has a capacity of 39,674 MW—roughly one-fifth of country's current installed generation capacity.
So far this fiscal, the government has mopped up over Rs6,900 crore through disinvestments in public sector companies.
It has set a target of raising Rs30,000 crore in the financial year ending March 2013.
Jindal Power had approached the environment ministry seeking clearances for expanding the capacity of Gare Palma coal mine
New Delhi: An environment ministry panel has asked Jindal Power to first get approvals from coal and power ministries before seeking environmental clearances for nearly doubling coal production to 12 million tonnes per annum from a mining project in Chhattisgarh, reports PTI.
Jindal Power (JPL) had approached the environment ministry seeking clearances for expanding the capacity of Gare Palma coal mine from 6.25 million tonnes per annum (MTPA) to 12 MTPA allotted to it in 1998 for a power project at Tamnar in Chhattisgarh.
The Expert Appraisal Committee after deliberation said that “the increased production will reduce coal availability years for the original plant (4x250 MW).”
Consequently, it “desired that the proponent should come back with the permission from the ministry of power and ministry of coal for the proposed expansion production from the mine originally allocated to match the requirement of 4x250 MW for its full life,” sources said.
The mining operation for the power firm's 5.25 MTPA opencast mine—which was earlier accorded environmental clearances—started in 2006.
The entire coal is being supplied to the 1,000 MW thermal power plant at Tamnar, located about seven km away from the mine.
JPL later applied for enhancement of capacity of mine from 5.25 MTPA to 6.25 MTPA, following which the environmental clearance was accorded for capacity expansion.
JPL which proposes to expand the capacity of its 1,000 MW power plant at Tamnar in Chhattisgarh to 3,400 MW and is seeking the expansion of its coal mining projects to feed the plant.
According to the Service Tax Department notice, Kingfisher Airlines cannot fly outside the registered airport premises
Mumbai: In more trouble for beleaguered Kingfisher Airlines, Service Tax Department has issued a notice to the carrier, "impounding" all its aircraft, department sources said, reports PTI.
According to the notice, the airline cannot fly outside the registered airport premises.
The grounded airline owes around Rs190 crore to the Service Tax Department, of which Rs127 crore are under litigation.
The notice was issued a fortnight ago, sources said.
The sources also said the department has enlisted the help of the Customs Department to impound the aircraft.