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Monnet Ispat and Energy Ltd on Thursday has appeared before an inter-ministerial panel and explained why captive mines allocated to the company have not started production.
Monnet Ispat and Energy Ltd shares are trading at Rs 293 a share on the National Stock Exchange, up 0.29 per cent at around 1 pm.
The company has been allocated at least five captive mines and none of them have started production. The blocks include: Gare-Palma IV/5 in Chhattisgarh in June 2006 (126 million tonnes); Utkal-B2 in Orissa in August 1999 (106 million tonnes); Mandakini in Orissa (96.84 million tonnes); Rajgamar in Chhattisgarh in June 2009 (49.93 million tonnes); Urtan North in Madhya Pradesh in October 2009 (23.27 million tonnes).
The inter-ministerial panel headed by the Additional Secretary at Coal Ministry, Zohra Chatterji, will meet captive mine owners to discuss issues related to their captive mines.
The panel would submit its report for de-allocation and encashing on bank guarantees to Coal Minister, Sriprakash Jaiswal, by September 15.
Sandeep Jajodia, Chairman and Managing Director of Monnet Ispat and Energy, said it takes more than six to eight years for coal blocks to actually begin production.
Utkal B is the company's block under review. Monnet has presented its case for retention of the captive block.
“Monnet Ispat is a committed, serious player in the steel space. We are confident that the IMG will take into account our issues and take the right call,” Jajodia told presspersons after the meeting.
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