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Deallocation, bank guarantee deduction for coal blocks

Press Trust of India
Nov 18, 2012 at 01:36am IST

Kolkata: The Ministry of Coal has issued letters for deallocation of coal blocks of firms like Electrotherm and bank guarantee deduction for companies like DB Power. The letters were issued on the back of the recommendations of the Inter-Ministerial Group headed by Additional Secretary (Coal).

In the case of DB Power, the IMG has recommended the deduction of bank guarantee to the extent of Rs 5.1 crore. "The BG as calculated by the coal controller to the extent of Rs 5.104 crore be deducted and deposited with the government," the letter from the Coal Ministry said. The BG deduction is for Durgapur-II/Sariya block.

Among companies affected by the deallocation were Grasim Industries, Gujarat Ambuja Cement, Lafarge, Electrotherm and Kesoram Industries. Bhaskarpara coal block, allocated to Electrotherm India and Grasim Industries, has been recommended for deallocation as well as BG deduction of Rs 1.65 crore.

Deallocation, bank guarantee deduction for coal blocks

In the case of DB Power, the IMG has recommended the deduction of bank guarantee to the extent of Rs 5.1 crore.

Dahegaon and Makardhokra-IV block, allocated to IST Steel & Power, Gujarat Ambuja Cement and Lafarge India, have been recommended for both deallocation as well as BG deduction of Rs 2.5 crore.

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