Mahanadi Coalfields Limited (MCL) on Monday entered into a joint venture agreement with four private companies to mine coal from the Utkal-A-Gopalprasad block west project located in Talcher area of Orissa's Angul district.
The companies with which MCL signed the agreement under PPP (public private partnership) mode at a ceremony held here are JSW Steel Ltd, JSW Energy Ltd, Jindal Stainless Ltd and Shyam DRI Power.
Addressing a press conference, MCL CMD S.R. Upadhyay said that MCL would have 60 percent share, while JSW steel and JSW Energy will have 22 percent share and nine percent each would be owned by Shyam DRI power and Jindal Stainless Steel Ltd in the Rs.465 crore proposed Mahanadi Jindal Shyam DRI Company Ltd. (MJS DRI Company).
Presenting the brief outlines of the joint venture, Upadhyay said the proposed company was scheduled to produce 15 mt of “F” grade coal, 40 percent of which shall be used by the joint venture partners in the private sector for captive consumption in their plants located in Orissa while balance 60 percent would be marketed by the MCL as per the approved coal linkages of the Central government.
This is the second joint venture of the MCL after its joint venture between Neyveli Lignite Corporation and Hindalco of Aditya Birla Group for mining of coal in Talabira Block under Jharsuguda district of the State, Upadhyay informed.
Given the rising trend in prices the prospect of coal industry was bright and by the end of the 2020 Orissa would be producing about 40 percent of the total coal production in the country, said Balabhadra Mahapatra, Director of MCL.
Effort was on to get necessary clearances form the concern authorities for land acquisition and work on the project would start soon, Upadhyay said.
The companies with which MCL signed the agreement under PPP (public private partnership) mode at a ceremony held here are JSW Steel Ltd, JSW Energy Ltd, Jindal Stainless Ltd and Shyam DRI Power.
Addressing a press conference, MCL CMD S.R. Upadhyay said that MCL would have 60 percent share, while JSW steel and JSW Energy will have 22 percent share and nine percent each would be owned by Shyam DRI power and Jindal Stainless Steel Ltd in the Rs.465 crore proposed Mahanadi Jindal Shyam DRI Company Ltd. (MJS DRI Company).
Presenting the brief outlines of the joint venture, Upadhyay said the proposed company was scheduled to produce 15 mt of “F” grade coal, 40 percent of which shall be used by the joint venture partners in the private sector for captive consumption in their plants located in Orissa while balance 60 percent would be marketed by the MCL as per the approved coal linkages of the Central government.
This is the second joint venture of the MCL after its joint venture between Neyveli Lignite Corporation and Hindalco of Aditya Birla Group for mining of coal in Talabira Block under Jharsuguda district of the State, Upadhyay informed.
Given the rising trend in prices the prospect of coal industry was bright and by the end of the 2020 Orissa would be producing about 40 percent of the total coal production in the country, said Balabhadra Mahapatra, Director of MCL.
Effort was on to get necessary clearances form the concern authorities for land acquisition and work on the project would start soon, Upadhyay said.
Source : Kalinga Times
12th November, 2007