13 February 2015
Prism Cement plans 3Mt/yr clinker plant 13 February 2015
India: Prism Cement is planning a 4.4Mt/yr limestone mining project, which will include a 3Mt/yr capacity clinker plant and a 48MW coal-fired power plant, at the village of Kotapadu and Kalvatala in Kurnool District, Andhra Pradesh. About 6.63km2 has been acquired and the project awaits approval.
India: The India Cements has approved the transfer of Chennai Super Kings (CSK) to an exclusively-owned subsidiary called Chennai Super Kings Cricket Ltd. The decision came following the previous statement made by The India Cements on 6 February 2015 regarding reorganisation proposals relating to the subsidiary.
The transfer comes after a judgment made by the Supreme Court in January 2015, in which the controversial clause in the Board of Control for Cricket in India's (BCCI) constitution that allowed members to have commercial interests in tournaments like the Indian Premier League (IPL) was struck down. As such, the BCCI's president N Srinivasan, who is also president of The India Cements, has been barred from contesting any polls of the board until he renounces the ownership of Chennai Super Kings.
The India Cements has completed the required documentation for the transfer and also informed the BSE that it would transfer its IPL team CSK to the new subsidiary, Chennai Super Kings Cricket Ltd (CSKC). After approving the demerger of CSK into a wholly-owned subsidiary of The India Cements on 26 September 2014, the board of directors had stated that the effective date of transfer will be 1 January 2015.
The first 21 coal blocks in India go up for auction 13 February 2015
India: JSW Energy, Reliance Cement and Ambuja Cement are among the 134 companies that have cleared the initial stages of coal auction for 21 blocks put up by the government. "Out of the 176 applications we received, 134 are found to be technically valid," said Coal secretary Anil Swarup.
The government had initially planned to auction 23 mines in the first round, but has put on hold bidding for two mines due to litigations. Of the 134 bids that are technically qualified, 12 are for the Gare Palma IV/7 coal mine in Chhattisgarh, making it the most sought after mine. Jaiprakash Associates and UltraTech Cement are among the 12 bidders. The Amelia (North) block and Bicharpur mines, both in Madhya Pradesh, have 10 bidders each.
Swarup said that the Ministry will go ahead with the auction of mines as per the schedule, though there have some court cases as a consequence of which there have been some changes. "Consequent to an interim order of the High Court, the auction of two mines has been put on hold. These are the Gotitoria East and Gotitoria West mines," said Swarup. The Coal Ministry had put both of the blocks in the unregulated sector, but the Court had directed that they should be considered for regulated sector.