Coal block in Jharkhand fetches foreign investment worth Rs 119 cr

Coal block in Jharkhand fetches foreign investment worth Rs 119 cr

No foreign company is permitted to participate in commercial coal mines auction as per extant policy. However, firms incorporated in India are entitled to participate.

PTIUpdated: Monday, December 12, 2022, 09:31 PM IST
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Foreign direct investment of Rs 119 crore has been made for a coal block in Jharkhand in the current financial year, Parliament was informed on Monday.
     
The government had earlier permitted 100 per cent foreign direct investment (FDI) in coal mining, its sale and associated infrastructure, and contract manufacturing through the automatic route.
     
"Foreign Direct Investment of Rs 119.19 crore in FY-2022-23 has been made for one coal mine located in Jharkhand," Coal Minister Pralhad Joshi said in a written reply in the Rajya Sabha.
     
No foreign company is permitted to participate in commercial coal mines auction as per extant policy. However, firms incorporated in India are entitled to participate.
     
"Government has reviewed the Foreign Direct Investment (FDI) policy in the coal mining....allowing 100 per cent FDI under automatic route for sale of coal, coal mining activities including associated processing infrastructure subject to the provisions of the Coal Mines (Special Provisions) Act, 2015 and Mines and Mineral (Development &  Regulation) Act, 1957," he added.
     
The Centre further amended the FDI policy to order a requirement to seek prior nod of the government if such FDI is by an entity from a country which shares land borders with India or where the beneficial owner of such foreign direct investment is situated in or a citizen of any such nation. 

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