Keeping his cool, the Coal Minister, Mr Sriprakash Jaiswal, said that his Ministry has received no report nor does he know about any interim report.
While outlining the initiative taken by his Ministry to make the coal mines allocation mechanism very transparent, he said that “intent of the Central Government is not to make money. Whatever revenue is generated goes to the States.”
He further said that this will not have any impact on the next round of competitive biddings. In offing are 54 blocks. The process is expected to be completed in next three-four months.
Media reports on draft Comptroller and Auditor General’s (CAG) finding says that allocation of 155 coal acreages between 2004 and 2009 to about 100 companies resulted in a notional loss of Rs 10.7 lakh crore to the exchequer. Further, the CAG-estimated loss figure at March 31, 2011, prices is six times that of its highest presumptive loss figure of Rs 1,76,000 crore for the 2G scam.
The report names companies such as Jindal Steel and Power as beneficiaries. Other major beneficiaries include Strategy Energy Tech Systems, a joint venture between the Tata Group and South Africa’s Sasol.