Coal India Ltd (COAL.BO)
Latest Key Developments (Source: Significant Developments)
Coal India Ltd
Coal India Ltd:Norway's $863 billion sovereign wealth fund, said on Thursday it had sold shares in 52 coal-dependent companies from its portfolio as part of a policy to fight climate change.A Reuters calculation showed the stakes sold were worth at least $1 billion at the end of 2014, before the fund started big divestments from coal.The biggest holdings included a $188 million stake in CLP Holdings.The fund listed U.S. firms American Electric Power Co Inc AEP.N, AES Corp AES.N and Allete Inc ALE.N among the firms, along with China Coal Energy Co Ltd 601898.SS and Coal India COAL.NS, the world's biggest coal miner by output.Global coal producer Peabody Energy Corp BTU.N, which filed for bankruptcy on Wednesday, was also on the list.The fund sent letters to the companies, but only five responded, it said in a statement. The fund declined to give an overall value of its divestments so far.The fund has a range of ethics criteria for excluding firms from its portfolio, including severe environmental damage, nuclear weapons making, tobacco production and certain labour conditions. Full Article
Coal India Ltd:Expressing concern over open-cast mining carried out by Coal India Limited (CIL) in the Ledo-Margherita coal belt of Tinsukia district, Asom Jatiyatabadi Yuva Chatra Parishad (AJYCP) called for a halt to the practice.ON Saturday, hundreds of AJYCP activists took part in a demonstration near the headquaters of the North Eastern Coalfields (NEC) in Margherita.Citing adverse effects on people's health and the environment, the students' body demanded that the company switch over to underground mining.At present, NEC, which is an arm of CIL, operates four coal mines in the area. Of these, Tirap, Tikak and Ledo are open-cast projects, while at Tipong, the company practises underground mining.General secretary of AJYCP's Margherita unit Kanchan Bora said open-cast mining had destroyed vegetation in the area and rendered large farming areas unproductive and barren. The air quality had also degraded alarmingly in the area. Full Article
Coal India Ltd:Have entered into a Joint Venture Agreement on Oct. 27, for incorporation namely viz. RASHTRIYA COAL GAS FERTILIZERS LIMITED.Says to establish and operate new coal gasification based Fertilizer Complex (Ammonia Urea Complex) at Talcher along with power plant and associated facilities at Talcher unit of FCIL and to market its products. Full Article
NEW DELHI State-run Coal India Ltd, saddled with millions of tonnes of unsold coal, is expected to be the biggest beneficiary of a controversial government decision to more than halve the local sales tax on the fuel after a jump in local supplies.