17 OCTOBER 2013www.indiainfoline.com
Hindalco to buy coal from other sources
Edited by : AL CIRCLE
2 min read
The company may have to look for other options because its Talabira coal mine Stage-II has not yet received approval from the Union environment ministry
Industry major in aluminium and copper, Hindalco Industries will have to buy coal from other sources at a very high cost for its aluminium project worth Rs. 170 billion in Odisha, according to a media report.
The company may have to look for other options because its Talabira coal mine Stage-II has not yet received approval from the Union environment ministry, the report added.
The mine is at the centre of an investigation by the Central Bureau of Investigation (CBI) for what it claims is the government’s undue benefits to Hindalco.
The CBI on Tuesday said that it has found Hindalco chairman Kumar Mangalam Birla had met former coal secretary PC Parakh to push for the allocation of the Talabira II coal block in Odisha’s Jharsuguda district in the second half of 2005.
The coal block was allocated to Neyvelli Lignite, Mahanadi Coal and Hindalco in 2005 but till date no work has started at the site. Neyvelli has 70% share of the mine, while Mahanadi and Hindalco have 15% each.
On Tuesday, a statement from Hindalco, the Aditya Birla group firm that had applied for the coal mines, had described the charges against K M Birla as “preposterous”.
Hindalco also said: “Every process required for coal allocation in line with Government Regulations completely followed”.
Industry major in aluminium and copper, Hindalco Industries will have to buy coal from other sources at a very high cost for its aluminium project worth Rs. 170 billion in Odisha, according to a media report.
The company may have to look for other options because its Talabira coal mine Stage-II has not yet received approval from the Union environment ministry, the report added.
The mine is at the centre of an investigation by the Central Bureau of Investigation (CBI) for what it claims is the government’s undue benefits to Hindalco.
The CBI on Tuesday said that it has found Hindalco chairman Kumar Mangalam Birla had met former coal secretary PC Parakh to push for the allocation of the Talabira II coal block in Odisha’s Jharsuguda district in the second half of 2005.
The coal block was allocated to Neyvelli Lignite, Mahanadi Coal and Hindalco in 2005 but till date no work has started at the site. Neyvelli has 70% share of the mine, while Mahanadi and Hindalco have 15% each.
On Tuesday, a statement from Hindalco, the Aditya Birla group firm that had applied for the coal mines, had described the charges against K M Birla as “preposterous”.
Hindalco also said: “Every process required for coal allocation in line with Government Regulations completely followed”.
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