JSW Steel's Coal Block Agreement Canceled
COAL & MINING

JSW Steel's Coal Block Agreement Canceled

The government has canceled the coal block agreement awarded to JSW Steel for non-compliance with development obligations. In addition to the cancellation, the company faces a forfeiture of its ?100 crore performance guarantee. The decision highlights the government's commitment to enforcing timely and responsible development of coal mining operations and penalizing entities that fail to meet required timelines and standards.

JSW Steel was allocated the coal block as part of the coal mine auction process, which aimed to promote the efficient use of India's natural resources. However, the company has not met the deadlines and obligations set for the development of the block, leading to this severe penalty. The forfeiture of the ?100 crore guarantee underscores the government's no-tolerance stance on delayed execution in critical sectors such as mining.

This move is expected to have wider implications on the industry, signaling to other players that they must prioritize compliance with regulatory requirements or face similar penalties. It also puts the spotlight on the ongoing challenges in India’s coal sector, where timely development and environmental responsibility are major concerns.

The government has canceled the coal block agreement awarded to JSW Steel for non-compliance with development obligations. In addition to the cancellation, the company faces a forfeiture of its ?100 crore performance guarantee. The decision highlights the government's commitment to enforcing timely and responsible development of coal mining operations and penalizing entities that fail to meet required timelines and standards. JSW Steel was allocated the coal block as part of the coal mine auction process, which aimed to promote the efficient use of India's natural resources. However, the company has not met the deadlines and obligations set for the development of the block, leading to this severe penalty. The forfeiture of the ?100 crore guarantee underscores the government's no-tolerance stance on delayed execution in critical sectors such as mining. This move is expected to have wider implications on the industry, signaling to other players that they must prioritize compliance with regulatory requirements or face similar penalties. It also puts the spotlight on the ongoing challenges in India’s coal sector, where timely development and environmental responsibility are major concerns.

Next Story
Infrastructure Transport

Odisha to Get Kharagpur-Visakhapatnam Expressway Soon: Minister

A new greenfield highway connecting Kharagpur in West Bengal and Visakhapatnam in Andhra Pradesh, passing through Odisha, is set to be constructed soon. This expressway is poised to become a vital logistics corridor, enhancing high-speed transportation in the region. Works Minister Prithviraj Harichandan shared that preliminary preparations for the project have already commenced. He emphasised that the expressway would play a crucial role in the Gati Shakti Framework of the Central government, describing it as a groundbreaking initiative in road construction for Odisha. Greenfield roads typi..

Next Story
Infrastructure Urban

LTTS wins project to develop smart cities in Colorado USA

Mid-sized Indian IT services company L&T Technology Services (LTTS) announced on Monday a strategic partnership with the Colorado Smart Cities Alliance (CSCA) to develop smart city projects across Colorado by integrating innovation and technology. In a regulatory filing, LTTS stated that the collaboration would utilize its advanced engineering expertise to support CSCA's mission of enhancing urban living and creating sustainable ecosystems through smart city solutions. The partnership aims to develop sustainable, efficient, and technologically advanced communities by pooling resources and exp..

Next Story
Infrastructure Transport

Bengaluru Metro to Expand to 175 km by 2026, Boosting Urban Mobility

Bengaluru’s metro network is set for a major expansion, aiming to extend its total length to 175 km by 2026. This ambitious project is part of the Namma Metro initiative, designed to improve connectivity across the city, alleviate traffic congestion, and promote sustainable urban mobility. The expansion involves constructing new metro corridors, such as the Purple Line and the Outer Ring Road-Airport Line, which will link major city hubs, commercial centres, and residential areas. This development is expected to enhance accessibility for commuters throughout Bengaluru. A key highlight of t..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000