Chief Correspondent, Commodities, India
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Nov 24, 2014

India targets private cash to build railways to its ports

NEW DELHI, Nov 24 (Reuters) – India is targeting up to $1
billion of private investment by 2017 to build rail lines
linking ports and national networks to ease growing congestion,
which has delayed coal imports for power plants and contributed
to a power supply crisis.

Such investment would more than double the $400 million that
India’s state-owned railways have attracted in the decade since
they allowed limited private participation and help fund crucial
“last mile” links to ports.

Nov 24, 2014

India’s Jindal Steel shelves $10 bln project after coal setback

NEW DELHI (Reuters) – India’s Jindal Steel and Power Ltd has shelved a $10 billion coal-to-diesel project, its chairman told Reuters, becoming the first big casualty of a court decision to scrap coalfields allocated to private firms since 1993.

Jindal Steel’s 1.5 billion ton coalfield in the eastern state of Odisha was among 214 canceled by the Supreme Court in September, when it ruled the practice of selective allocation was illegal and arbitrary. With nine coalfields taken back, the company has been worst hit by the tougher-than-expected verdict.

Nov 24, 2014

Jindal Steel shelves $10 bln project after coal setback

NEW DELHI (Reuters) – Jindal Steel and Power Ltd(JNSP.NS: Quote, Profile, Research) has shelved a $10 billion coal-to-diesel project, its chairman told Reuters, becoming the first big casualty of a Supreme Court decision to scrap coalfields allocated to private firms since 1993.

Jindal Steel’s 1.5 billion tonne coalfield in Odisha was among 214 cancelled by the Supreme Court in September, when it ruled the practice of selective allocation was illegal and arbitrary. With nine coalfields taken back, the company has been worst hit by the tougher-than-expected verdict.

Nov 20, 2014

India to allow foreign firms mine and sell coal: coal secretary

NEW DELHI (Reuters) – India will allow locally registered foreign firms to mine and sell coal when commercial mining is permitted as part of the opening up of the nationalized industry after four decades, Coal Secretary Anil Swarup told Reuters.

To end a chronic coal shortage that cripples power plants and curb the country’s imports of the fuel, the Narendra Modi government will also spend about $1 billion by 2019 to buy railway wagons and transport coal from remote mines, Swarup said in an interview on Thursday.

Nov 20, 2014

India to allow foreign firms mine and sell coal

NEW DELHI (Reuters) – India will allow locally registered foreign firms to mine and sell coal when commercial mining is permitted as part of the opening up of the nationalised industry after four decades, Coal Secretary Anil Swarup told Reuters.

To end a chronic coal shortage that cripples power plants and curb the country’s imports of the fuel, the Narendra Modi government will also spend about $1 billion by 2019 to buy railway wagons and transport coal from remote mines, Swarup said in an interview on Thursday.

Nov 20, 2014

Modi’s divide and rule weakens Coal India unions as strike looms

NEW DELHI, Nov 20 (Reuters) – A rift between the five
powerful labour unions at Coal India Ltd is set to
clear the way for Prime Minister Narendra Modi’s government to
complete a stake sale in the state company that is critical to
hitting budget targets.

One of the unions, close to Modi’s nationalist party, says
it has the backing of half of Coal India’s 370,000 workers and
will not join a strike on Monday to oppose plans to sell 10
percent of the firm and let private firms to mine and sell coal.

Nov 12, 2014

India says may stop thermal coal imports in 2-3 yrs

NEW DELHI, Nov 12 (Reuters) – India, the world’s
third-largest buyer of overseas coal, may be able to stop
imports of power-generating thermal coal in the next three years
as state behemoth Coal India steps up production, the
country’s power and coal minister said.

Prime Minister Narendra Modi’s government has asked Coal
India, the world’s largest miner of the fuel, to more than
double its output to 1 billion tonnes by 2019 to feed existing
and upcoming power plants.

Nov 9, 2014

Modi’s ‘Make in India’ push to depend on Chinese steel

NEW DELHI, Nov 10 (Reuters) – India’s steel consumption is
expected to grow at its fastest pace in five years next year on
Prime Minister Narendra Modi’s infrastructure push, but a
scarcity of raw materials means it will be at the expense of
another key goal – curbing imports.

In his triumphant election campaign, Modi criticised the
last government for exporting iron ore but importing steel. But
his first five months as the prime minister has coincided with a
surge in imports of both, denting his high-decibel drive to make
India an export powerhouse.

Oct 22, 2014

Modi takes first bite at coal to end India’s power mess

NEW DELHI, Oct 22 (Reuters) – India could allow commercial
coal mining by foreign companies if they set up units in the
country, opening the door for global giants like Rio Tinto
to access the world’s fifth-largest coal reserves, a
source familiar with the matter said.

Prime Minister Narendra Modi’s decision to open commercial
coal mining to private players is a key step towards bringing
order to the country’s chaotic power industry and ending the
chronic blackouts that impede its economic rise.

Oct 20, 2014

PM Modi steps up economic reforms, eyes privatisation

NEW DELHI (Reuters) – India promised on Monday to open up the coal industry to private players and moved closer to selling a stake in a state-run oil company, as Prime Minister Narendra Modi picked up the pace on economic reform days after relaxing fuel price controls.

Using an executive order, the cabinet agreed to allow private Indian companies to mine and sell coal at an unspecified future date, Finance Minister Arun Jaitley said. That sets the stage for the biggest liberalisation of the industry in more than 40 years.

    • About Krishna

      "I lead the India commodities team for Reuters in New Delhi. I cover the coal, metals and mining industries with a focus on government policy. Before coming to the capital in April 2013, I headed two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies."
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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