Wednesday, April 16, 2014

Steel, cement companies to pay for captive coal blocks

Steel, cement and sponge iron companies will now pay for their captive coal blocks that were given free earlier. The new coal block auction policy too allows allotment of the blocks at a cost. Power and state-run firms including Coal India will pay a one-time reserve price that is 10% of the estimated reserves in the block valued at cost of mining of an equivalent grade in international markets.

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