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The Union Ministry of Mines and Coal deferred plans for a new bill in the recent session of Parliament recommending an amendment to the Coal Mines Nationalization Act. (India).

India / The Union Ministry of Mines and Coal deferred plans for a new bill in the recent session of Parliament recommending an amendment to the Coal Mines Nationalization Act. The decision was made by the Group of Ministers (GoM) which represents major economic ministries at the Center. It is believed that the decision has been taken to appease the central trade unions operating in the public sector coal companies, which are opposing privatization of the coal industry. The unions had called for a 3-day strike in all state-owned coal companies Dec. 3 protesting against the Center's move to amend the Act, requiring prospective private investors to hold more than 50% equity in any coal company, which will be promoted by them. The prevailing Act does not allow such a thing. The GoM met in New Delhi with union leaders to discuss the strike and resolved that the Union Coal Ministry should refrain from tabling any bill during the Parliament session. The Coal Ministry was also asked to take up the issue before the next meeting of the joint bipartite committee on the coal industry for further discussion. Though the trade unions have reason to be happy with the GoM's decision, private investors who were keen to enter into the coal sector are disappointed with the decision. A few large private companies began negotiations with Coal India Ltd. and its subsidiaries and also with overseas mining and machinery manufacturing companies for setting up joint venture coal projects.

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Comment:The Union Ministry of Mines and Coal deferred plans for a new bill in the recent session of Parliament recommending an amendment to the Coal Mines Nationalization Act. (India).
Publication:Coal Age (1996)
Article Type:Brief Article
Geographic Code:9INDI
Date:Jan 1, 2002
Words:246
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