Coal news and updates

Vedanta Chief Anil Agarwal has stressed the government needs to privatise the idle assets of ONGC and Coal India in order to spur the exploitation of minerals and shore up the ensuing benefits, reports The Economic Times.

 

The mining giant's chairman told ET that ONGC and Coal India must get permission to rope in private partners for the idle assets they possess.

 

Hindustan Copper has the potential to become the next Hindustan Zinc if the government sells it's stake with a stipulation that no retrenchments will be done, Agarwal said.

Agarwal had bought controlling stakes in Hindustan Zinc and Balco when Atal Bihari Vajpayee government decided to divest stake in government’s entity.

 

The billionaire chairman said his company will spend USD 8 billion in the next 3 years as he remains upbeat on commodities demand growth in India.

 

He wants his firm to produce 50 percent of domestic oil in the country and will invest USD 2.5 billion in the oil. The company is also evaluating steel and power assets that are up for sale.

 

Source: Money Control