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News Brief | January 2016

States receive Rs.1,396 cr from coal mines auction, allotment

Around Rs.1,395.69 crore has been transferred to coal-bearing states including Odisha, West Bengal and Jharkhand as upfront payment and monthly charges for coal blocks that were both auctioned and allotted during the year, according to sources.

Jharkhand is the biggest beneficiary with an amount of Rs.453.32, followed by Chhattisgarh at Rs.411.89 crore and West Bengal Rs.215.62 crore, the source added.

The other states that received the money are Odisha (Rs.105.17 crore), Madhya Pradesh (Rs.158.68), and Maharashtra (Rs.41.52 crore), while Telangana is the minimum beneficiary at Rs.9.51 crore.Foreign investors want govt to defer Coal India stake sale.Opposing an immediate stake sale in Coal India Ltd, foreign investors such as Fidelity, Wellington Management and BlackRock have told the Finance Ministry that further disinvestment in the coal miner should be put off as the current market valuation is low. The Department of Disinvestment (DoD) is also of the view that current market scenario is not conducive to a major stake sale like that of Coal India.

The Cabinet had last month approved a 10 per cent disinvestment in Coal India, which could fetch about Rs.20,000 crore at the current market prices.

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