Ministry cancels allocation of coal block to JSW Steel
Mint Mumbai|November 09, 2024
The Union coal ministry has annulled the allocation of the Banai-Bhalumunda coal block in Chhattisgarh to Sajjan Jindal-led JSW Steel over the non-payment of a performance bank guarantee worth about ₹1,000 crore.
Rituraj Baruah
Ministry cancels allocation of coal block to JSW Steel

As a result, JSW Steel also has to forfeit ₹100 crore bid security submitted by the company.

In a 7 November order, the nominated authority of the coal ministry said that JSW Steel failed to comply with conditions after the issuance of the vesting order, including payment of performance security or performance bank guarantee and had been seeking an extension of the deadline to comply with the conditions.

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