CIL delists Jaguar Energy for Koda links

Written by Indronil Roy Chowdhury | Kolkata | Updated: Dec 31 2009, 04:32am hrs
Coal India Ltd (CIL) has dropped Indonesia-based Jaguar Energy & Power Ltd from the list of companies, it intended to forge partnerships with to secure foreign coal blocks due to its alleged connection with Madhu Koda, the former Jharkhand chief minister charged with the Rs 4,000-crore scam.

CIL officials told FE that Jaguar was one of the 12 companies shortlisted from 52 respondent companies following an expression of interest floated by CIL in September. CIL is considering joining hands with foreign coal mining companies for owning coal equity overseas either through equity joint ventures or asset-specific partnership.

According to the documents submitted, Jaguar has seven coal mines in Indonesia and produces above 1 million tonne a year. But later, CIL found the main signatory, Manoj Punamia, was among the persons involved in Kodas scam and it immediately dropped the company from its list, an official said.

In fact, all the mails sent to Manoj Punamia bounced back and then we contacted Jaguars local office in Mumbai. Meanwhile, in course of Kodas scam investigation, names of Binod Sinha of Chaibasa, Sanjay Chaudhury of Jamshedpur and Manoj Punamia of Mumbai surfaced. We decided to bar the company from making presentations suspecting that Koda might have some investments in that company, an official said.

Punamia, who heads Mumbai-based Balaji Bullion, facilitated Koda to invest in various companies.

However, Peabody, Massey Energy, Murray Energy, Foresight, Coal & Oil Kideco, PT Bumi, Nobel, Harvest Indo and Trishakti have already made presentations to CIL. But Rio Tinto and Xstrara have asked for more time before they could make their presentations.

CIL wants to wrap up the process of roping in foreign partners by March. It had prepared a presentation model with the help of Central Mine Planning & Design Institute (CMPDI), following which the companies made their presentations.

We want to put the selection process on the fast track and ensure transparency in it, chairman Partha S Bhattacharyya said.