Usha Martin, Monnet among 10 firms to appear before IMG on tomorrow
A total of 10 private sector firms including Usha Martin, Monnet Ispat and Energy and Corporate Ispat have been asked to present their side of the story for the delay in developing coal blocks on the first day of IMG's three-day review meeting, starting tomorrow.business Updated: Sep 05, 2012 19:06 IST
A total of 10 private sector firms including Usha Martin, Monnet Ispat and Energy and Corporate Ispat have been asked to present their side of the story for the delay in developing coal blocks on the first day of IMG's three-day review meeting, starting on Thursday.
"Ten coal block holders will make their presentations on the first day of the three-day IMG meeting starting tomorrow. The firms which will make presentation are Usha Martin, Monnet Ispat and Corporate Ispat and Alloys among others," a source close to the development told PTI.
He said all the 10 coal block allocates had already been communicated to be present at the Inter-Ministerial Group (IMG) meeting.
In total, 35 companies have been asked to present details of investments made till now and the reasons for not starting coal production.
IMG, headed by Zohra Chatterji, additional secretary, Coal, was set up in July to recommend action against the coal block allottees for not meeting timelines set for beginning production.
BK Jhawar-promoted Usha Martin had been allocated Lohari coal block in Jharkhand for making steel in 2005. Monnet Isapt and Energy, promoted by Sandeep Jajodia, was given the Utkal B2 block, aimed at using as a raw material for producing sponge iron, in Odisha back in 1999.
Corporate Ispat and Alloys, which is promoted by Manoj Jayaswal, got the Chitarpur block in Jharkhand in September 2005 for producing sponge iron.
Usha Martin's Lohari block has already been recommended once for de-allocation by the IMG as "there was hardly any physical progress or investment reported", but it will be reviewed once again, as coal secretary SK Srivastava desired.