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.
The government on Friday suffered a setback in the coal block auction process as the high court here provided relief to several companies, which were disqualified from participating in the bidding process on one or the other ground.
Top Indian conglomerates led by the Aditya Birla Group, Vedanta, Adani and Jindal Steel and Power were set to bid aggressively for coal blocks because of an urgent need to keep their plants running, analysts said here.
In a relief for Jindal Steel and Power (JSPL) and its promoter, Naveen Jindal, the Delhi high court on Wednesday directed a technical committee to review its decision to change the end-use of three coal blocks allotted to the company, Utkal B-1, Utkal B-2
Former owners of the cancelled coal mines have bid aggressively for re-allocation of these blocks. Companies such as Jindal Steel & Power (JSPL), Hindalco and CESC are vying for the blocks they lost following a Supreme Court's judgment.
Steel maker Jindal Steel and Power (JSPL) has cut 750 jobs, as the company reported Rs 1,675-crore consolidated loss for the quarter ended December 2014. The loss is attributed to the payment for the Supreme Court (SC)-imposed penalty on the coal block
Twenty six students from Harvard, MIT and Tuft University of USA and Sunway University of Malaysia today visited the plant of Jindal Steel and Power (JSPL) near Angul in Odisha to get a first-hand view of the steel making process there using the coal