23 March 2013

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Coal Scam – CAG Chhattisgarh suffered Rs.1, 500 crore loss

Coal Scam – CAG Chhattisgarh suffered Rs.1, 500 crore loss

The CAG report for the year ended March 31, 2012, was tabled in the state assembly, the last day of the 32-day budget session.

CAG report said that Changes in the tender clauses led to Adani Group gaining and the Chhattisgarh government losing Rs.1, 549 crore in a coal mining deal.

According to the report, state-run Chhattisgarh State Power Generation Company (CSPGC) was allotted Parsa coal block in Sarguja district.

The block in the forested Hasdeo-Arand coalfields has an estimated reserve of 150 million tonnes.

CSPGC tender put grade F as the base and invited rates from companies on its basis in which AEL qualified and The Adani Enterprise Limited (AEL) formed a joint venture company (JVC) with CSPGC.

coal in Parsa was of D and E grades
The price of D and E grade are much higher than E grade.

the clauses in the tender were changed and the AEL-led JVC was given higher price for mining and transporting.

The CAG report said that "by changing the pricing clause in the tender, the company had extended undue benefit to the JVC. Because of the unwarranted amendment, the company is likely to lose Rs.1, 549.04 crore during the entire period".

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Saturday, March 23, 2013

Tags – Coal Scam


MEcoy March 23, 2013  

another great post sm