The government is ready to launch the next round of coal block auctions from April, as it is facing litigation by Jindal Steel and Power Limited (JSPL), which saw its bids being cancelled in the latest round of auctions.
Shares of Jindal Steel and Power Limited (JSPL) has dipped 14% to Rs 142 on the BSE in early morning trade on media reports that the government has cancelled the two bids of the company for three blocks (Gare Palma IV/2, IV/3 and Tara).
A day after government rejected bids of JSPL and Balco in the coal auctions amid speculation of cartelisation, the steel maker on Saturday said it is "puzzled" with the decision while stating that it followed a "consistent and prudent
After two weeks of re-examination, the coal ministry did not approve bids received for three of the eight coal blocks being scrutinised, citing "comparatively low bids". Two of these were won by Jindal Steel and Power.
Kept waiting by the government on the allocation of two coal blocks for which Jindal Power emerged the winning bidder, Ravi Uppal, managing director and chief executive of Jindal Steel & Power, the holding company, has said the government should
Jindal Steel and Power Limited (JSPL) has rallied 7% to Rs 198 on BSE in otherwise weak market on reports that the Naveen Jindal-owned Jindal Power won the Tara coal block in Chhattisgarh with a bid of Rs 126 a tonne.
The first round of coal block e-auction that ended on Sunday saw some of the key names in the industry bagging 18 mines with a combined extractable reserve of 90 million tonnes, along with attached end-use infrastructure.
In India, there are too much regulatory hurdles for doing businesses and the government need to create a conducive environment for growth of business and the nation, said Naveen Jindal, chief of Jindal Steel and Power Ltd (JSPL).
On the seventh day of auction Friday of coal blocks whose allotments were cancelled by the Supreme Court, the government said it will start the second tranche of auctions by February 25. The government has till now raised nearly Rs 84,000 crores.