Coal Ministry approves GPIL's proposal for JV revival

New Delhi, June 4 (UNI) Godawari Power&Ispat Ltd (GPIL) today said the Coal Ministry has approved its proposal to revive its joint venture company and revise the quantity of coal allocated to each of the partners a year ago.

The company had last year intimidated the termination and winding up of Chhattisgarh Captive Coal Mining Ltd (CCCML), incorporated as a special put-pose company for development and operation of coal blocks, allocated to GPIL in consortium with other companies, by the Coal Ministry.

''The differences amongst the consortium partners have since been resolved with the approval of Ministry of Coal for revision in quantities of coal allocated to the consortium partners,'' GPIL said in a communique to the BSE.

Quantity of coal allocated to the company has been reduced to 63 million tonnes from 88 million tonnes to meet its coal requirements for the next 30 years for existing manufacturing capacities of sponge iron and power generation, the note read.

A meeting of joint venture partners was held for considering the revival and development of coal block with certain modifications in the allocated quantities of the coal to each of the consortium members.

A proposal was submitted to the Coal Ministry for the approval for revision in quantities allocated to each of the consortium members of the coal blocks, it added.

With this approval, the way for development of coal blocks allocated to the company has been cleared and now the JV would be able start the work for development of allocated coal blocks.

UNI