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Godavari Power terminates JV for captive coal block

Written by: Staff
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New Delhi, June 7 (UNI) Godawari Power and Ispat Ltd today said its special purpose joint venture, Chhattisgarh Captive Coal Mining Ltd, for development of captive coal block has been terminated.

The special purpose joint venture was formed for development and mining of coal blocks with other co-allottees, but in view of difference of opinion amongst the partners, the Board of Directors of the CCCML in their meeting yesterday at Nagpur have ''unanimously'' decided to terminate the JV agreement and also wind up CCCML.

The company has made total investment of Rs 19.89 lakhs, including Rs 4.89 lakhs towards share equity capital, and balance amount by way of loans and advances in CCCML.

''The activities under this company were at very preliminary stage and no major investments have been committed so far.

Therefore, the termination of joint venture agreement and winding up of the JV company will not have any major financial implications'', Godavari Power and Ispat has informed the National Stock Exchange.

It said under the current policies, there are other options available for development of the captive coal blocks.

UNI PC CS RS1701

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