SIGN IN SUBSCRIBE

News Update

NDA gains tub-thumping majority in Maharashtra; lags behind in Jharkhand by milesDepleting Coffers - Regulating Political Guarantees is the need of the hourI-T- Amendments to Sections 36(1)(va) and 43B introduced by Finance Act, 2021, cannot override the legal principles set by decision in Checkmate Services P. Ltd. : ITATTrump picks billionaire Scott Bessent as Treasury SecretaryCoal Ministry signs Agreements with successful Bidders of 3 Coal BlocksUS Judge tosses out SEC move to sanction Elon MuskI-T - Re-assessment proceedings are invalidated where provisions of Section 151 pertaining to grant of sanction for re-assessment, are not followed: ITATCOP29 outcome uncertain as USD 250 bn finance proposal gets stalledCentre provides funding to 28 innovators of 'Tomato Grand Challenge'Samsung to pay USD 118 mn for violating Netlist patentsI-T - Funds received from subsidiary in form of advances shall be allowed u/s 36(1)(iii), if same was utilized for purpose of business: ITATSecurity forces shoot down 10 Maoists in ChhattisgarhMoH&FW inks MoU with BHU to aid Institute of Medical Sciences on lines of new AIIMSKenyan President orders cancellation of airport project awarded to Adani GroupCus - 7 Gold bars contain foreign markings are deemed to be smuggled & their confiscation is upheld - But, lack of markings on 3 other bars means burden of proof returns to Department; confiscation of these 3 bars is invalid as onus of proof not discharged: CESTATDr Rangarajan calls for harmony between economics and law300 Handlooms & Handicrafts products got GI Tag: MoSRussia gifts anti-air missiles in exchange for troopsST - Export of services - Refund of tax paid by assessee came to be denied in gross violation of judicial principles laid down by the Apex Court & by various benches of the Tribunal - Denial of refunds is not tenable: CESTATKing Charles coronation cost USD 91 mn to UK taxpayersCCI conducts Workshop in collaboration with Merchants' Chamber of CommerceBiden zings ICC’s arrest warrant against NetanyahuST - Generator can be placed anywhere in the building, therefore, it cannot be termed as 'Immovable Property' - Demand under the category of ‘renting of immovable property service' cannot sustain: CESTAT
 
Coal Ministry signs Agreements with successful Bidders of 3 Coal Blocks

By TIOL News Service

NEW DELHI, NOV 23, 2024: MINISTRY of Coal has executed the agreements for 3 coal blocks with successful bidders yesterday. The event marked the successful auctions of 104 coal blocks till date since the launch of commercial coal mining in the country by Prime Minister Narendra Modi. All these three coal blocks are fully explored coal blocks.

Secretary, Ministry of Coal, Vikram Dev Dutt, along with Additional Secretary & Nominated Authority Ms. Rupinder Brar, handed over the agreements to the successful bidders of three coal blocks. During the occasion both officials assured full support & cooperation from the Ministry to ensure the smooth operationalization of the blocks. Dutt emphasized the Ministry's commitment to facilitating the successful implementation of coal mining projects, which are expected to contribute significantly to India's energy security and economic growth.

The blocks for which these Coal Block Production and Development Agreements have been executed are Meenakshi and Rampia & Dip Side of Rampia coal blocks. The Successful Bidders include Hindalco Industries Limited and Jhar Mineral Resources Private Limited respectively.

The total annual revenue generation from these 3 coal blocks under commercial auctions is estimated at ~Rs. 2,709.95 crores considering production at aggregated Peak Rate Capacity level of ~27.00 MTPA. Once these blocks are fully operational, they are expected to generate employment for ~36,504 persons directly and indirectly and total investment of ~Rs 4,050 crores will be expended to operationalise these coal blocks. With the execution of CMDPAs for these 3 coal blocks, CMDPAs have been signed for 101 coal mines auctioned under commercial coal auctions.

Further, in the ongoing e-auction of 10 th round, the Second day witnessed the auction of 2 coal blocks. Both the coal blocks are fully explored coal blocks. The total geological reserves for these 2 coal blocks are 180.26 Million Tonnes and Peak Rated Capacity (PRC) is 2.10 MTPA.

The results for Day 2 are as under:

S. No.
Name of the block
State
PRC (mtpa)
Geological Reserves (MT)
Closing Bid Submitted by
Reserve Price (%)
Final Offer (%)
1 Bundu Jharkhand 1.00 102.268 S M Steels and Powver Limited 4.00 16.75
2 Gare Palma IV-5 Chhattisgarh 1.10 77.990 Sarda Energy and Minerals Limited 4.00 25.75

These two coal blocks upon operationalization will generate Annual Revenue of ~Rs. 339.06 crores calculated at PRC of these coal blocks. These blocks will attract capital investment of Rs. 315.00 crores and will provide employment to 2,839 people.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Conferment of TIOL Awards 2024. The event was held on October 1, 2024 at Taj Palace, New Delhi

TOP NEWS


AR not Afar by SK Rahman

VISION 360



Technical Session I - Ease of Doing Business: GST on Digital Economy

TII LATEST

TIOLCORPLAWS LATEST