Quick update: EGoM okays IOC share sale to ONGC, OIL for Rs 4,800-5,000 crore

Updated: Jan 29 2014, 07:25am hrs
The Empowered Group of Ministers headed by finance minister P Chidambaram has approved selling 10% government stake in Indian Oil Corp to ONGC and Oil India through block deals to rake in Rs 4,800-5,000 crore. Sudhir Vasudeva, chairman of ONGC, which already holds 8.77% stake in IOC, said "most likely" the 10% stake will be split equally between ONGC and OIL. "The 5% stake will cost us Rs 2,200 to 2,300 crore.

Plan panel asked to study impact of CIL mining on Jharkhand

The Jharkhand government has asked the Planning Commission to assess the impact of mining by Coal India on the state's economy in order to ask for compensatory measures. The development comes close on the heels of the Jharkhand government slapping notices to Coal India for recovery of land rent of R25,000 crore, based on a preliminary assessment, for excavating coal in the state without any compensation.

NTPC board okays Rs 12,532-crore investment for Odisha plant

The NTPC board has approved an investment of Rs 12,532.44 crore for setting up a 1,600 MW thermal power project in Odisha. The Darlipali Super Thermal Power Project, linked to the Dulanga coal mine with seven million tonnes capacity, will require about 1,600 acres of land.

AAI chairman Agarwal removed; Sinha given additional charge

VP Agarwal, chairman of the Airports Authority of India, was removed from his post, apparently because of his opposition to airport privatisation. Alok Sinha, who is joint secretary in the aviation ministry handling the airports, has been given the additional charge of chairman. Agarwal was resisting the privatisation of six airports, including Kolkata and Chennai airports. But the government is in a hurry and wants the process to be completed before going into the elections.

EAC recommends green nod to NMDCs coal projects in MP

The Expert Appraisal Committee (EAC) has recommended environment clearance to National Mineral Development Corp's underground coal mining projects in Madhya Pradesh with riders, limiting road transportation of coal to siding to five years. Aerial rope ways/belt conveyors have to be used thereafter.

Coal India may miss production target for FY14

Coal India Ltd (CIL) said it may miss the production target of 482 million tonnes (mt) for the 2013-14 fiscal by around 5 mt. In the current fiscal there may be shortfall in the production of around 5 million tonnes,

Coal India chairman and managing director S Narsing Rao said recently. He cited cyclone Phailin as well as law and order problems at its subsidiaries Mahanadi Coalfields Ltd and Central Coalfields Ltd among the reasons for the likely shortfall. CIL had suffered a production loss of over 1 mt due to the shutdown of mining activities in Talcher Coalfields in Odisha.