Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Essar Energy receives green clearance for Mahan coal block

Feb 13 2014, 20:02 IST
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Essar Power, a unit of Essar Energy, holds a 50 per cent stake in Mahan Coal Ltd. Reuters Essar Power, a unit of Essar Energy, holds a 50 per cent stake in Mahan Coal Ltd. Reuters
SummaryEssar Power, a unit of Essar Energy, holds a 50 per cent stake in Mahan Coal Ltd...

Essar Energy has received forest clearance for the Mahan coal block in Madhya Pradesh which will feed its proposed 1,200 MW capacity power project.

"The Ministry of Environment and Forests has given its approval to mine coal from the Mahan coal block in Madhya Pradesh to Essar Energy," the company said in a statement.

Essar Power, a unit of Essar Energy, holds a 50 per cent stake in Mahan Coal Ltd, a joint venture with Hindalco Industries that will mine the block.

The approval is subject to some conditions, the company said. Mahan Coal will have to sign a mining lease agreement with the state before starting operations.

Environmental action group Greenpeace had asked the central government to cancel the allotment of the Mahan block, alleging it had been awarded in 2006 in an opaque manner.

At an estimated peak output of 8.5 million tonnes of coal, the mine will feed the 1,200 MW generation capacity of Essar Energy and a 900 MW project of Hindalco.

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