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Coal India subsidiaries get CCEA nod for equity investments in coal-fired power projects
Photo Courtesy: Unsplash

Coal India subsidiaries get CCEA nod for equity investments in coal-fired power projects

| @indiablooms | 18 Jan 2024, 07:22 pm

New Delhi: The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi on Thursday approved equity investments by two Coal India Ltd (CIL) subsidiaries -- South Eastern Coalfields Ltd (SECL) and Mahanadi Coalfields Ltd (MCL) for setting up thermal power plants at an estimated cost of Rs 21,547 crore.

As per an official statement, SECL has got CCEA approval for Rs 823 crore equity investment for the proposed 1×660 MW Supercritical Thermal Power Plant through a joint venture with Madhya Pradesh Power Generating Company Ltd (MPPGCL) at Amarkantak Thermal Power Station in Madhya Pradesh. The estimated cost of the project is Rs 5,600 crore.

The CCEA also approved Rs 4,784 crore equity investment by Mahanadi Coalfields Ltd for the proposed 2×800 MW Super-Critical Thermal Power Plant in the Sundargarh district of Odisha.

The project will be executed through Mahanadi Basin Power Ltd, a wholly-owned subsidiary of MCL, and is estimated to cost Rs 15,947 crore.

The CCEA also approved equity investment by CIL beyond 30% of its net worth in the joint venture of SECL-MPPGCL and MBPL.

Meanwhile, the Union Cabinet also approved creation of the joint secretary (JS) level posts for the 16th Finance Commission.

The newly created posts are required to assist the Commission in carrying out its functions. All other posts in the Commission have already been created as per the delegated powers.

“The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the creation of three posts at the level of Joint Secretary i.e. two posts of Joint Secretary and one post of Economic Adviser for the 16th Finance Commission, which was constituted in pursuance of Article 280 of the Constitution vide Notification dated 31st December, 2023,” an official release said.

(With UNI inputs)

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