Jaypee cement seeks coal ministry’s nod
Jaypee Cement has sought the coal ministry’s nod to surrender two captive coal blocks it had won in the auction last year, as it has sold off the attached cement plants.
The company has told the ministry that it does not require the coal blocks as it has sold off the attached cement plants, a senior coal ministry official said. Industry executives said the company could not sell the coal blocks with the cement plants.
“The coal ministry has received the representation and is studying it,” said the official cited above. “As per auction norms, companies backing off from development of auctioned coal blocks are barred from coal block bidding for a year and their bank guarantees equivalent to a year’s revenue from the mines can be seized.”