India
Centre approves SPV to take up overseas mining
Hyderabad | Saturday, May 17 2008 IST
Union Minister of State for Coal Santosh Bagrodia today said the Centre had approved the setting up of a Special Purpose Vehicle (SPV) with five Public Sector Undertakings (PSUs) to execute coal mining projects in other countries. Addressing the press here, Mr Bagrodia said a 'study group' was constituted and sent to other countries to study the possibility of taking up mining projects there. The government would take a decision after the study group submitted its report, he added. Stating that the Coal Ministry was planning to take up new projects in future, he said it was also contemplating the rejuvenation of the National Coal Consumer Council, which would provide guidance in improving supplies to consumers. Observing that there was no shortage of coal supply as the country had sufficient resources, the Minister said, ''we are willing to supply more coal to power projects, which recently complained of lack of stocks.'' He said the Ministry wanted to double the production from six per cent to 12 per cent this year. Admitting that the transportation of coal was its main bottleneck, he said Railway Minister Lalu Prasad had agreed to provide more wagons to transport coal. -- (UNI) -- 17MS23.xml
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