Steel players hail govt's decision to open coal sector

Steel players hail govt's decision to open coal sector

Indian steel industry welcomed the government's decision to promulgate an ordinance to open up coal mining in the country to non-coal companies. In a statement, apex steel industry body Indian Steel Association (ISA) said it hails the decision of the Cabinet to amend MMDR Act 1957 and Coal Mines (Special Provisions) Act 2015.

"This is a huge reform announced by the government on commercial mining in Coal. This change in Act will help the country to reduce its dependence on coal imports and help attract investments from Indian and global corporate," it said. The amendment, ISA said, will remove the end-user restrictions besides allowing seamless transfer of environment and forest clearance in operational mines.

The step taken was a long pending reform which will make the domestic steel industry more competitive on a global level, the association said. JSW Steel Chairman Sajjan Jindal said the move will go a long way in reducing the coal imports.

"Huge reform announced by the government on commercial mining in coal. This will go a long way in reducing the coal imports which is over $15 billion/year," he said.

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