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Rail projects coming up for quicker movement of coal: Piyush Goyal

Two rail projects to facilitate faster movement of coal are expected to be completed in June and another rail link may get ready by 2017, Parliament was informed today.

The three rail infrastructure projects are Tori-Shivpur Kathotia of CCL (Central Coalfields Ltd) in Jharkhand, East West & East Corridor of South Eastern Coalfields Limited (SECL) in Chhattisgarh and Jharsuguda Barpali of Mahanadi Coalfields Ltd (MCL) in Odisha, the minister said.

"The likely completion ofthese rail projects is June 2016, December 2017 and June 2016, respectively," Coal and Power Minister Piyush Goyal said in a written reply to the Lok Sabha.

The projects, he said, have been taken up by Coal IndiaBSE -0.43 % (CIL) for capital outlay of Rs 8,579 crore.

"To realise the potential of the major coalfields namely, North Karanpura of CCL in Jharkhand, Mand Raigarh of SECL in Chhattisgarh and Ib-Talcher of MCL in Odisha, three major rail infrastructure projects have been taken up by CIL," the minister said.

The minister further said the government has approved the proposal regarding disinvestment of 10 per cent equity of Coal India out of the government's shareholding of 78.65 per cent through offer for sale (OFS).

"Disinvestment of 10 per cent government equity will help in meeting the minimum shareholding norm of 25 per cent for listed government companies prescribed by Sebi," he said.

In a separate reply to the house, Goyal said that as per the information provided by the Coal Ministry, "as on November 30, 2015, an amount of Rs 8,279.19 crore (provisional) is outstanding against state electricity boards and power companies, including independent power producers (IPPs) to be paid to CIL".

source: http://economictimes.indiatimes.com