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The government on Wednesday approved an Ordinance to amend a law in order to ease rules for auctioning of coal mines and opening it for steel and power sectors.
The decision taken by the Cabinet Chaired by Prime Minister Narendra Modi will also do away with end-use restrictions of the mining blocks, Coal Minister Pralhad Joshi said.
"The Cabinet has approved promulgation of Mineral Laws (Amendment) Ordinance 2020," the minister said, addressing media after the Cabinet meeting.
The Ordinance will ease rules for auctioning coal mines to open up to all sectors.
The Ordinance to allow auction of 46 iron ore and other mines before March 31, 2020.
Source: PTI
The Cabinet on Wednesday approved a proposal to divest equity shares of six PSUs, including MMTC, in Neelachal Ispat Ltd.
"The Cabinet has approved divestment of some shares of six companies held in Neelachal Ispat," Information and Broadcasting Minister Prakash Javadekar told reporters after the Cabinet meeting here.
The six PSUs are MMTC, National Mineral Development Corporatin, Bharat Heavy Electrical Ltd., Odisha Mining Corporation, Odisha Investment Corporation and MECON, he said.
The minister further said MMTC will sell 49 percent in Neelachal Ispat, while that of Odisha Mining Corporation 20 percent, Odisha Investment Corporation 12 percent, NMDC 10 percent.
The Cabinet on Wednesday approved a proposal to provide Rs 5,559 crore viability gap funding for building a 1,656 km gas grid in the Northeast region at a cost of Rs 9,256 crore, Oil Minister Dharmendra Pradhan said.
The decision to provide viability gap funding to Indradhanush Gas Grid Ltd. for setting up the North East Natural Gas Pipeline Grid was taken by the Cabinet chaired by Prime Minister Narendra Modi in its meeting.
"Quantum of viability gap funding will be capped at 60 percent of estimated project cost; Gas pipeline would be developed in eight states of north east; this will lead to development of industrial climate in these states and improvement in standard of living of people in the region," the government said.
The cabinet also approved an in-principle strategic disinvestment of equity shareholding, in Neelachal Ispat Nigam, of:
India’s coal imports will fall to zero very soon.Pralhad Joshi, Coal & Mines Minister
On Dec. 31, the government outlined the contours of a $1.5 trillion plan to build infrastructure over the next five years to shore up economic growth.
The programme will include existing projects in the energy, road and railway sectors in the pipeline, Finance Minister Nirmala Sitharaman told reporters, adding that private companies will account for 22-25 percent of the investments, with the federal government and states contributing the rest.
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