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.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM MINT MUMBAIView all
7 myths about ADHD and how to handle it
Mint Mumbai

7 myths about ADHD and how to handle it

Some adults with ADHD are misdiagnosed as having anxiety or depression as myths prevail even in the medical community

time-read
4 mins  |
November 12, 2024
Why women bear the brunt of misdiagnosis
Mint Mumbai

Why women bear the brunt of misdiagnosis

Girls are half as likely as boys to be diagnosed correctly as having ADHD, show studies

time-read
2 mins  |
November 12, 2024
At these international marathons, it's ready, steady, swig
Mint Mumbai

At these international marathons, it's ready, steady, swig

Can running and drinking go together? From France to Scotland, here are five races where running is a merry party

time-read
2 mins  |
November 12, 2024
Indian IT firms should brace for Trump's second term
Mint Mumbai

Indian IT firms should brace for Trump's second term

Restrictive visa, trade and other policies under Trump 2.0 may force a review of their US-centric business models

time-read
3 mins  |
November 12, 2024
Freebies don't offer a long-term solution but let us not ban them
Mint Mumbai

Freebies don't offer a long-term solution but let us not ban them

Keeping citizens dependent on handouts is not fiscally sustainable. India needs a transparent framework to regulate them

time-read
4 mins  |
November 12, 2024
Is Nvidia's chief dreaming of selling us R2-D2-like robots?
Mint Mumbai

Is Nvidia's chief dreaming of selling us R2-D2-like robots?

It may turn out to be a good bet if the chip-maker keeps its risks low

time-read
3 mins  |
November 12, 2024
Two ways the EPFO can get itself an image boost
Mint Mumbai

Two ways the EPFO can get itself an image boost

India's state-run retirement fund would do itself a favour by resolving its high level of claim rejections and speeding up interest payments. Its digital makeover should signal efficiency

time-read
2 mins  |
November 12, 2024
Mint Mumbai

Forex card vs debit card: How to lower cross-border markup fees

Unlike debit cards, forex cards are not linked to your bank account, limiting your exposure to fraud and theft

time-read
5 mins  |
November 12, 2024
India must reassess its rejection of the RCEP trade bloc
Mint Mumbai

India must reassess its rejection of the RCEP trade bloc

Joining it can work in our favour as global trade barriers get reshaped and value chains are forged

time-read
4 mins  |
November 12, 2024
Armed hostility between Israel and Iran is very likely to escalate
Mint Mumbai

Armed hostility between Israel and Iran is very likely to escalate

Israel senses a high-risk high-return chance to reshape West Asia that Trump might green-light

time-read
3 mins  |
November 12, 2024