Coal news and updates

Tata Steel takes Rs 1,577 cr impairment for Benga project

August 14: Tata Steel has undertaken an impairment review exercise of its investment in the Benga project and the board approved a non-cash write down of Rs 1,577 crore.

On July 30, 2014, Rio Tinto reached an agreement for sale of Rio Tinto Coal Mozambique which includes the Benga project in which the company has a 35% stake, Tata Steel said in a statement.

Tata Steel Group’s profit after tax (PAT) in the first quarter (April-June) of 2014-15 was affected by exceptional charges of Rs 262 crore and fell more than 70% to Rs 337 crore from Rs 1,139 crore in the corresponding quarter of 2013-14.