Financial Daily from THE HINDU group of publications
Thursday, Mar 23, 2006


Group Sites

Corporate - Alliances & Joint Ventures
Industry & Economy - Coal

Bharat Coking, Tata Steel venture plan halted

Ambarish Mukherjee

New Delhi , March 22

The proposal for setting up a joint venture company by Bharat Coking Coal Ltd (BCCL) and Tata Steel for developing the Kapuria underground coal block stands cancelled.

The Ministry of Coal has now asked the BCCL board to evolve suitable norms and guidelines for selection of partners and send their proposals for approval.

The decision to form a joint venture with the Tatas was taken following the Ministry's in-principle decision to involve the private sector in coal mining.

The BCCL-Tata joint venture was recommended by the former Coal Secretary, on the day of his retirement. It was decided that the management of the new joint venture company would be with the Tatas and mining would also be done by them.

Later, Steel Authority of India Ltd and the Jindal group evinced interest and approached the Coal Ministry, informed sources said.

"Since more than one party was interested, the Ministry decided that suitable norms be evolved by the BCCL board for the selection of the joint venture partner and the Ministry would take a final view on the matter after that," the sources said.

"The move is to ensure transparent decision making. We have nothing against the Tatas. We know that they are credible and good organisation. But, as a Ministry we should not appear to be biased. So, we are going in for fresh appraisal," sources said.

More Stories on : Alliances & Joint Ventures | Coal | Steel | Tata Steel Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Samsung starts SlimFit TV production

Belgian co bags ISRO order
Prajay Engg allots shares to Merrill Lynch
Noida Toll Bridge raises Rs 188 cr thru GDR
The knowledge edge
Zee Telefilms to consider revamp plan
Sujala offloads 4.99% in Rain Calcining
ISMT plans to expand production capacity
Nippon Auditronix to expand Noida capacity
Birla Power plans acoustic hoods
IOC's petrochem project faces time overrun
DS Kulkarni plans Rs 555-cr projects in Pune and Mumbai
ARS Metals plans sponge iron plant
Hotel Leelaventure plan
Showa to set up power steering unit in Noida
IOC feasibility report on Paradip project
Bharat Coking, Tata Steel venture plan halted
Ansal Properties signs pact with Malaysia's Faber Group
Heidelberg in pact with Indorama Cement
Ind-Swift gets Australian certification
MetalJunction plans coal futures auction
UB, Millennium Alcobev merger not for now
AP Paper bullish on post-expansion growth
Glenrothes to double market share
UK hotel chain eyes Indian market

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line