New Delhi: No foreign company can participate in the auction for commercial mining under existing policies. However, companies incorporated in India are eligible to participate. Foreign Direct Investment in Coal Sector of Rs.119.19 crores in FY-2022-23 has been made for one coal mine located in Jharkhand.
The Government of India reviewed the foreign direct investment (FDI) policy in coal mining on18/09/2019, which allows 100% FDI under the automatic route for the sale of coal, coal mining including related processing infrastructure in accordance with the provisions of the Coal Mines (Special Provisions) Act, 2015 and the Mines and Mineral Resources (Development and Regulation) Act, 1957, as amended, and other relevant laws relating to the subject. Associated processing infrastructure includes coal washing, crushing, coal handling and separation (magnetic and non-magnetic). DPIIT has sent out a consolidated circular on foreign direct investment policy 2020 vide OM dated 17.12.2020.
Foreign Direct Investment | Coal Ministry to conduct Investor Conclave in Mumbai
Further, according to Press Release 3 of 2020, the Central Government has further amended the Foreign Direct Investment Policy to prescribe a requirement for prior approval of the Government if such FDI originates from an entity from a country that shares a land border with India or where such direct investment is beneficially owned the foreign investment in India is located in or is a citizen of any such country.
All currently operating coal mines have a valid environmental permit for the part of the mine that is in operation. In order for the mine to become operational, an ecological review is mandatory.
This information was given by the Minister for Coal, Mines and Parliamentary Affairs Shri Pralhad Joshi in a written reply in the Rajya Sabha today.
Read Also
- President Droupadi Murmu’s Odisha Visit, Security Tightened Ahead of August 4 Tour
- Odisha CM Mohan Charan Majhi Meets Union Home Minister Amit Shah, To Support for Odisha’s Development
- MKCG Forms Five-Member Panel to Probe Alleged PG Exam Malpractice
- Shehzad Poonawalla Resigns as BJP National Spokesperson
- Sensex Today, Markets End Higher as Investors Track West Asia Developments
