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NMDC invests Rs 1,222 crore to set up Nagarnar steel plant

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MUMBAI: State-run iron ore miner NMDCBSE 1.57 % has invested Rs 1,222.65 crore till September 2016 to set up a 3 million tonnes per annum (MTPA) integrated steel plant in Nagarnar in Bastar district of Chhattisgarh.

The plant is expected to start trial production by mid-2017.

The company has completed capital expenditure of Rs 1,434.55 crore till September 2016, of which Rs 1,222.65 crore has been invested in Nagarnar steel plant, Rs 17.39 crore on pallet plant at Donimalai, Rs 75 crore in doubling of KK lines, Rs 7.21 crore on Kumarswamy Mine and Rs 4.76 crore in Bailadilla Deposits, the company said in a corporate presentation here.

NMDC has carried out pioneering exploration activity for developing iron ore mines in Karnataka in various regions like Kudremukh, Donimalai, Bababudan, Kumaraswamy and Ramandurg, it added.

NMDC developed the Donimalai mine in this area to export ore to Japan and South Korea.

The company has also committed contribution of Rs 35 crore to JVs and associates and Rs 72.50 crore in other schemes towards addition, modification and replacement of existing assets, it said.

The Bailadila Deposit-4, which has mineable iron ore of around 108 MT, will entail an investment of around Rs 1,900 crore.

The Chhattisgarh government and NMDC have inked an MoU for a slurry pipeline from Bailadila to Nagarnar, along with ore processing plants at Bailadila and a 2-MTPA pellet plant at Nagarnar with an investment of Rs 4,000 crore.

NMDC said that its turnover increased marginally to Rs 3,460 crore in H1 FY17 as compared to Rs 3,409 crore in the same period last year.

The net profit, however, decreased by 19 per cent to Rs 1,482 crore in H1 FY17 from Rs 1,892 crore in the same period last year.

The company said it has successfully completed its share buyback offer of 80,08,25,526 equity shares at Rs 94 for an aggregate consideration of Rs 7,527 crore.

Following the buyback offer, the equity share capital stands reduced to Rs 316.39 crore, it added.

Source: economictimes.indiatimes.com

Ratan Tata hailed as saviour of UK steel industry

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LONDON: Tata Sons interim chairman Ratan Tata was today hailed as the saviour of the UK steel industry after the Tata Group announced a 10-year commitment of one billion pounds investement to save thousands of jobs for its embattled steelworks in the country last week.

In a special feature titled 'Man of Steel', the Sunday Times attributes the thousands of jobs saved in the industry largely to the sacking of Cyrus Mistry and Ratan Tata stepping in as interim chairman.

"Last week's abrupt change of heart owes much to a terse board meeting in Mumbai on October 24. At that meeting the board of Tata Sons, the parent company that sits astride an empire spanning steel to tea, sacked its chairman Cyrus Mistry and reinstated his predecessor Ratan Tata," the report said.

Describing Ratan Tata as the "architect" of the 6.1-billion-pound acquisition of Corus in 2007, it quotes insiders as saying that the 78-year-old tycoon was never comfortable with the idea of abandoning Tata SteelBSE -0.37 %'s Welsh plant at Port Talbot - the UK's largest steelworks.

"Now he is back at the helm, Port Talbot has won a reprieve," it notes.

Tata is said to have been painfully aware that the closure of Port Talbot would devastate the town already marred by poverty.

"As the head of the (Tata company) charity, Ratan is not like that. You don't want to get rid of vast chunks of people and create mass unemployment. Ratan was quite upset at the way he (Mistry) was dealing with Tata Steel. There were all these whispers that he (Ratan) did the wrong thing in buying Corus," the newspaper quotes an insider as saying.

Nearly 11,000 British workers at Tata Steel have been rejoicing after the company has indicated that it would not take any dividends from its British plants until their profit tops 200 million pounds a year.

The company made the pledge last week as part of a plan that will keep the Port Talbot site in south Wales open until at least 2021. It promised no job cuts for five years and to pump 1 billion pounds into its UK plants over 10 years.

Tata said in a statement, "The immediate target of 200 million pounds provides sufficient funds to invest in the business and to manage working capital needs. However, beyond this level the business will balance the needs of all its stakeholders, including the financing of dividends".

In return, workers must accept the closure of the British Steel Pension Scheme to future accruals.

Roy Rickhuss, secretary general of the steel union community, said, "Since March, the way people have been treated has been very hard. No one knew if they would have a job by Christmas. But we have to recognise that prior to March, Tata had invested significantly in the UK".

"This proposal would secure jobs for years to come and bring serious investment, not just to Port Talbot but steelworks across the UK," he said.

Meanwhile, the Brexit referendum in June has changed economics for Tata Steel.

Britain's vote to leave the EU, and the accompanying crash in sterling, have transformed the competitiveness of its UK operation. About 40 per cent of the output from British plants is exported.

Thanks to the cheaper pound, a business that was losing a million pounds a day just a few months ago is now back in the black.

Source: economictimes.indiatimes.com

NMDC’S LOAD TRIALS OF 3 MTPA STEEL PLANT LIKELY BY DEC’17

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NMDC Ltd is expected to carry out load trials of its upcoming 3 MTPA Steel Plant at Nagarnar in Bastar region of Chhattisgarh by December 2017, official sources informed.

Notably, NMDC’s Chhattisgarh based mines accounted for bulk of iron ore sales at 13.98 million tones as on November 2016.

It may also be recalled that the Cabinet Committee on Economic Affairs (CCEA) has accorded ‘in-principle’ permission to NMDC Ltd for considering ‘strategic disinvestment’ of its 3 MTPA Steel plant coming up at Nagarnar in Bastar region of Chhattisgarh, the company informed BSE on Friday last.

Moreover, NMDC will also soon start constructing 1008 housing units in the phase-I part of the project for its staff at its upcoming permanent township at Dhanpunji near Nagarnar in Bastar district, officials informed.

The company has also commenced the process for setting up the 2 MTPA ‘iron ore processing plant’ at Bacheli in Bastar region of Chhattisgarh, officials informed.

It may also be recalled that NMDC has proposed to use its mine lease area at Deposit number 4 located at Bailadila range of hills at Bhansi near Bacheli in South Bastar’s Dantewada district in Chhattisgarh for meeting the raw material requirement 'exclusively' for its upcoming 3 MTPA Integrated Steel Plant at Nagarnar, officials informed.

The remaining iron ore quantity after meeting the requirement of integrated steel plant at Nagarnar from Deposit 4 will be sold to domestic customers in Chhattisgarh, they informed.

The Deposit - 4 iron ore mine will be developed as a 'standalone project' with an estimated investment of Rs 1899.74 crores.

In addition to the mining lease area, 95.13 hectares forest land is identified for development of infrastructure such as downhill conveyor, screening plant, loading plant and approach road etc.

Further, 50 hectares of non-forest land is also required for installation of railway stock yard, administrative building, loading plant (part), tailing dam, STP and township etc.

The existing iron ore production from other Bailadila mines is catering to requirements of large steel plants and also to local sponge iron / pellet plants in Chhattisgarh.

Mining plan along with progressive mine closure plan has been approved by Indian Bureau of Mines (IBM), for production capacity of 7.0 MTPA vide their letter no: No 314(3)/2012-MCCM (CZ)/MP-19 dated July 26, 2013, officials informed.

NMDC is operating iron ore mines at Bailadila Complex in South Bastar Dantewada District Chhattisgarh and is having long terms commitment for supply of iron ore to major steel plants across the country.

Hence, J.V. Company between NMDC and Chhattisgarh Mineral Development Corporation (CMDC) i.e NMDC-CMDC (NCL) was formed for development of a new deposit in the already prospected areas i.e Bailadila Deposit-4 with a production capacity of 7 MTPA for meeting the iron ore requirement of Steel plant of NMDC at Nagarnar, near Jagdalpur.

It may be also be recalled that NMDC Ltd is going for a complete Energy Audit for Bailadila Iron Ore Mine at Deposit 14 and 11C at Kirandul complex and Deposit 5, 10 and 11A at Bacheli Complex in Bastar region of Chhattisgarh.

The company is also planning to construct a 'rapid iron ore loading system' with a capacity of 14 million tonnes per annum (MTPA) at its Kirandul complex in Bastar , officials informed.

Signalling work for the private railway siding coming up at NMDC Ltd’s 3 MTPA Nagarnar Steel Plant near Jagdalpur will commence soon, officials informed.

Notably, NMDC is also developing full-fledged Railway transportation infrastructure, the work for which had been going on at full swing at Nagarnar.

The company is also planning to construct a 'rapid iron ore loading system' with a capacity of 14 MTPA at its Kirandul complex in Bastar , officials informed.

The project also comprises construction of a ‘Merry Go Round’ (MGR) railway track.

The project for doubling of Railway line between Kirandul and Jagdalpur in Chhatisgarh’s insurgency ridden Bastar region is also expected to be complete by January 2019, officials informed.

Notably, NMDC had also signed a Memorandum of Understanding (MoU) with the Union Ministry of Railways on December 21, 2012 and the aforesaid project would be helpful in significantly augmenting evacuation capacity of NMDC’s Bailadila Sector mines by rail from the existing 28 MTPA to 40 MTPA of iron ore.NMDC had deposited an amount of Rs 150 crores with East Coast Railway and the expenditure incurred as on March 31, 2015 was Rs 132.00 crore, official sources informed.

For execution of the project, the Railways has divided the 150 km length of doubling work into three Sections namely, Jagdalpur to Silakjori 45.50 km, Kirandul to Gidam 52.23 km and Silakjori to Gidam 52.73 km.

Notably, the Rs 2000 crore Rowghat to Jagdalpur railway line would also pass through heavily insurgency infested Kondagaon and Narayanpur districts of Bastar division in Chhattisgarh, officials stated.

The project is a joint venture between Chhattisgarh government, NMDC, SAIL and IRCON.

NMDC produced 3.29 million tonnes (MT) of iron ore and registered sales volume of 3.31 MT upto May 2016, officials informed.

Quite recently, NMDC incorporated a subsidiary company by the name of "NMDC-SAIL Limited" in order to develop, sell and supply iron ore from the allocated mining resources in the State of Chhattisgarh.

Moreover, the completion of Dallirajhara-Rowghat-Jagdalpur, East and East-West Rail corridor projects will comprise a total of 535 kilometers Railway-line during the next two to four years.

The East West Rail Corridor project is expected to get completed in 2018-19.

Source: dailypioneer.com

Nishat to develop 660MW coal power plant under CPEC

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KARACHI: The National Electric Power Regulatory Authority (Nepra) has admitted the application of Nishat Energy Limited (NEL) for consideration of the grant of generation license for its 660 (megawatt) MW proposed thermal generation facility.

NEL to act as a special purpose vehicle and develop a 1x660 MW coal fired power plant at Liaqatpur Tehsil in Rahim Yar Khan.

The project is intended to be financed from the Chinese banks under the China-Pakistan Economic Corridor (CPEC) government to government agreed framework as provided in the CPEC agreement wherein project Rahim Yar Khan is listed at no 12 in the designated projects list.

TBEA Xinjiang SunOasis Company Limited as a co- sponsor would provide technical and project financing proficiencies. TBEA is an upcoming thermal power project developer in China with a proven track record of developing, financing, constructing, and operating coal fired projects in China.

According to a letter of intent (LoI), the project company was diligently working towards the early implementation of the project, on a build own and operate (BOO) basis.

The construction of 660 MW power plants on super-critical technology would take approximately forty-eight months or less from the issuance of notice to proceed to the EPC contractor. The plant commissioning was expected in the fourth quarter of 2020. TBEA, as per the consortium agreement, has taken a lead role in procuring Chinese financing which would also ease the burden on Nishat from seeking project financing from local banking channel with visible foreign exchange liquidity constraints imposed by the State Bank of Pakistan (SBP).

The electricity generated from this project would be supplied to the grid system of National Transmission & Despatch Company (NTDC) Limited through a 500KV grid available in the vicinity of this project. The power generated by the project would be sold for the term of 30 years.

The proposed project site was located in Cholistan Development Authority's jurisdiction, Tehsil Liaquat Pur District Rahim Yar Khan. The entire Site land is owned by the Government without any private lease or encumbrance or occupation. The Company has already been issued a recommendation letter by the energy department by the Government of Punjab to the board of revenue Punjab for the allocation of land for the subject power project.

The target debt equity ratio is 80:20. While a LoI appended as Annex-G was also procured by a potential Chinese equity partner in favor of the project expressing willingness to finance the project subject to customary lenders' due diligence.

The sponsors intends to procure 100 percent of project debt from Chinese banks with support from a reputable Chinese equity partner as an overseas investment loan or an ECA tied financing package or any other financing program which the sponsors deem fit.

In this regard, the Nepra has invited all stakeholders, to submit their comments in favor / or against the grant of generation license to NEL.

Source: dailytimes.com

UK largest steel plant deal edging closer

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Union leaders will put a new rescue plan into the UK's largest steel plant in return for concessions on staff terms.

London: Tata Steel is edging closer to a deal with UK steel workers' unions to keep its troubled Port Talbot plant, the country's largest in south Wales, open until at least 2020, a media report said today.

Union leaders will put a new rescue plan to its members this week, which could see investments into the UK's largest steel plant in return for concessions on staff terms and conditions, according to 'The Sunday Times'.

Central to the plan is retention of Port Talbot’s two blast furnaces, which turn iron ore and coke into molten iron. One is due to stop production in 2018 but unions have been fighting to keep it open.

If an agreement is reached with staff, the Indian steel giant will look into partial relining of the blast furnace as an upgrade that would extend its life by several years.

The newspaper quoted sources as saying that union officials had held talks with Tata Steel bosses, including executive director Koushik Chatterjee, on the latest plan last Thursday.

They worked on a deal that would also see money injected into Tata Steel's other plants around the country, including Shotton, Corby and Llanwern.

The company has demanded curbs on the steel workers Final salary pension scheme in return for saving UK steel jobs and providing some security for the future of steel production in the UK.

"We are seeking a positive future for the UK business and during discussions with the trade unions we made substantial future assurances to achieve this," a Tata Steel statement said.

Source: asianage.com

India unveils the world's largest solar power plant

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The country is on schedule to be the world’s third biggest solar market next year.

Images have been released showing the sheer size of a new solar power plant in southern India.

The facility in Kamuthi, Tamil Nadu, has a capacity of 648 MW and covers an area of 10 sq/km.

This makes it the largest solar power plant at a single location, taking the title from the Topaz Solar Farm in California, which has a capacity of 550 MW.

The solar plant, built in an impressive eight months, is cleaned every day by a robotic system, charged by its own solar panels.

At full capacity, it is estimated to produce enough electricity to power about 150,000 homes.

The project is comprised of 2.5 million individual solar modules, and cost $679m to build.

The new plant has helped nudge India's total installed solar capacity across the 10 GW mark, according to a statement by research firm Bridge to India, joining only a handful of countries that can make this claim.

As solar power increases, India is expected to become the world's third-biggest solar market from next year onwards, after China and the US.

Despite the fast-growing solar power industry, India will still need to increase its take-up of solar panels if it is to achieve the ambitious targets set by the government.

By 2022, India aims to power 60 million homes by the sun. It is part of the government's goal to produce 40 percent of its power from non-fossil fuels by 2030.

This aim has been praised by environmental groups and is hoped will also help reduce the country's problem with air quality. At the beginning of this month, the pollution level in the capital New Delhi reached its worst levels in 17 years.

Source: aljazeera.com

ConocoPhillips aims to sell up to $8 billion in gas assets

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ConocoPhillips (COP.N), the largest U.S. independent oil producer, will sell up to $8 billion in natural gas assets and trim its capital budget by 4 percent next year to provide funds to bolster operations, executives said on Thursday.

The moves highlighted not only the energy industry's increasing push for efficiency gains that reduce the cost of drawing oil and natural gas from the earth but also low commodity prices, which have hampered Conoco and peers the past two years.

Shares of the Houston-based company fell about 1 percent to $45.21 in afternoon trading as U.S. oil prices CLc1 fell about 1 percent.

The asset sale alone reflects a bold move by Chief Executive Officer Ryan Lance to reduce the company's $28.7 billion debt load.

"We're a very large company and those assets aren't big for us," Lance said in an interview. "We recognize that we need to accelerate the value proposition for some investors and accelerate the removal of debt from the balance sheet."

Conoco plans to sell $5 billion to $8 billion in North American natural gas assets, a divestiture that is massive in its size and scope. For example, Chesapeake Energy Corp (CHK.N), the second-largest U.S. natural gas producer, has a $5 billion market valuation.

The spending reduction comes after Conoco more than halved its budget last year. Indeed, its 2015 capex had eclipsed $10 billion.

"You can't count on rising commodity prices to bail out your business model," Lance said. "You have to position your business for the commodity price cycles."

Lance, CEO since 2012, said the spending cuts, asset sales and other steps should help the company be profitable with Brent oil prices LCOc1 of $50 per barrel. Brent traded at $45.96 on Thursday.

Most of the budget next year will be spent on shale projects in the contiguous United States, with some focus on Alaska and Europe, as well as maintenance of existing operations.

The focus is smaller than earlier this decade, when ConocoPhillips operated in more than 28 locations around the globe. Today it operates in about 14, a smaller portfolio that executives said would further help focus capital.

The spending should result in 2017 production of 1.54 million to 1.57 million barrels of oil equivalent per day, which would be a slight increase from estimated 2016 output, executives said.

The company also announced a $3 billion share repurchase program. The buybacks will start this quarter, the company said.

Source: reuters.com

ASSOCHAM urges for setting up road transport regulatory authority

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Apex industry body ASSOCHAM has mooted a proposal to the Union Government to constitute an appropriate authority either at the Central or state level to fix the ceiling on road freight rates and breaking local monopolies.

Transporters charge exorbitant rates for movement of iron ore and other raw materials from mines and ports to steel plants, besides they also prevent free competition through their dominating presence in local areas, said ASSOCHAM highlighting the double whammy being faced by the domestic steel sector.

ASSOCHAM also submitted various suggestions to the Union Steel Ministry to bring back India's steel sector on growth trajectory.

There is an urgent need to withdraw import duty of five per cent imposed upon metallurgical coke and coking coal to restore competitiveness of the domestic steel industry, ASSOCHAM highlighted in a paper submitted to the Union Steel Ministry highlighting various issues that are restricting growth of the sector.

It also urged the Steel Ministry to bring down rate of royalty on iron ore to reduce the cost of raw materials for steel plants.

About 15 per cent royalty rate on iron ore together with district mineral foundation (DMF) at 30 per cent translates into royalty burden on end user of 19.5 per cent of iron ore cost, it noted.

The apex chamber requested to reduce the DMF rate for new mines from 10 per cent for captive consumption of iron ore.

Considering that higher transport costs result in higher costs of production of steel in India, there is an urgent need to bring down freight tariff rates by up to 25 per cent across all raw material and steel products to gain competitive edge.

It is also imperative to prevent import of cheap steel in India through a combination of minimum import price (MIP) and import duties/safeguard duties on a sustained basis.

ASSOCHAM has also suggested that inclusion of pig iron, sponge iron and billets in the list of products covered under MIP since protection for upstream primary reduction of iron is equally vital.

Further, banks should extend working capital loans to steel companies on a priority basis, especially those which have not defaulted on interest payment, while structural problems relating to high debts of various steel companies would take time to resolve.

There is also a need to create a special funding mechanism for providing capital for brown-field expansion of capacities at the existing steel mills, more so as commercial viability of brown field expansion of steel plants is significantly higher than greenfield plants.

Sharing certain budget proposals, ASSOCHAM has reiterated its demand to accord strategic industry status to steel sector. Besides it also suggested to bring import duty on coking coal and metallurgical coke down to zero.

A comprehensive package for steel sector should be unveiled encompassing special financing arm for providing capital for expansion of capacities, easy extension of working capital loans, long-term policy on freight tariffs and augmenting transportation infrastructure capacity to meet needs of steel production.

Besides it should also include total revamp of process for grant of statutory approvals for mines and steel plants, long-term policy to prevent cheap imports of steel products and security of raw materials.

Source: business-standard.com

Adani, JSW and SembCorp in race to buy BC Jindal group’s Odisha power plant

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Jindal India Thermal Power Ltd (JITPL), a part of the BC Jindal group, is in talks with prospective buyers to sell its 1,200MW thermal power plant in Odisha, three people familiar with the development said.

The plant in Odisha’s Angul district has so far received competing offers from Singapore’s SembCorp, Adani Power and JSW Energy, one of the three people cited above said, requesting anonymity.

“The sell side mandate was given to EY around three months ago following which SembCorp has made an upfront cash offer of close to Rs1,600 crore for the equity component of the project,” said the person cited above.

“JSW and Adani have offered a higher price of more than Rs2,000 crore, but the offer involves an upfront cash payment of around Rs500 crore to Rs600 crore towards equity and the remaining upon fulfilment of certain conditions linked to singing of power purchase agreements and coal linkages,” the person said.

“JSW is keen to replicate the same structure it followed while buying JSPL’s (Naveen Jindal-led Jindal Steel and Power Ltd’s) 1,000MW thermal unit this year, where it paid Rs500 crore cash advance while tying up the rest of the payment to pre-defined conditions regarding fuel security and power offtake,” the person added.

Emails sent to Adani group, SembCorp and EY did not elicit any response at the time of going to press.

A JSW Energy spokesperson denied that the company is in talks to buy the asset.

“Your query is completely speculative and baseless. The company reiterates that there is no truth and categorically deny any discussion by JSW Energy with them,” the spokesperson said.

JITPL is controlled by listed firms Jindal Poly Investments Ltd (JPIL) and Jindal Photo Ltd (JPL) through Jindal India Powertech Ltd, a holding company owned by JPIL and JPL.

“The promoters have been in talks to sell the unit in the past too, but a deal did not materialize due to valuation mismatches. However, things are likely to be different this time because JITPL needs some immediate cash infusion to pay lenders and is already behind its repayment schedule,” the second person said, also declining to be named.

“Also, a section of minority shareholders want the promoters to divest from power and focus on the core poly films business,” the person added.

An email sent to JITPL and BC Jindal group did not receive a response.

The Angul project was completed at a cost of Rs7,537 crore with overall debt of Rs5,900 crore and an equity of Rs1,637 crore.

Industry analysts said that if the SembCorp offer is accepted, JIPL and JPL could get Rs600 crore and Rs160 crore, respectively, of the proceeds and another Rs685 crore to Jindal Poly Films Ltd, the listed operating entity of the group.

JITPL currently has long-term power purchase agreements (PPAs) for 256MW capacity (156MW with Odisha Gridco and 100MW with Kerala State Electricity Board Ltd) and has also executed a 12-year PPA with Tata Power Trading Corp. Ltd (TPTCL) for a capacity of up to 900MW at a guaranteed base tariff of Rs2.70 per unit.

Concerns over fuel supplies, high interest cost and absence of long-term PPAs among thermal power producers in India has led to distress among several power companies and has led to many assets changing hands.

In July, Sajjan Jindal-promoted JSW signed a definitive agreement to acquire Jaiprakash Power Ventures’ 500MW thermal plant at Bina in Madhya Pradesh at base enterprise value of Rs2,700 crore. In April last year, Adani Power completed the acquisition of Lanco Infratech’s Udupi Power plant for Rs6,300 crore, one of the largest takeovers in the country’s thermal power space.

Mint on 19 October also reported about SembCorp’s ongoing talks with GMR group for a possible acquisition of GMR Chhattisgarh Energy Ltd, a unit of GMR Energy Ltd with 1,370MW generation capacity.

Source: livemint

Coal India leads state-run companies in preventive vigilance

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The coal sector has emerged as the frontrunner among 20 government undertakings that have brought down corruption under the NDA government. The discriminatory allocation of coal blocks had dragged even former Prime Minister Manmohan Singh into the controversy during the UPA government’s tenure.

Central Vigilance Commissioner KV Chowdary on Monday said Coal India was among the top public undertakings in ‘preventive vigilance’ that started in 2015 seeking suggestion from public undertakings and government departments to bring down corrupt practices.

The list and rankings of all the 20 departments will be released by Prime Minister Narendra Modi on November 7, said officials.

According to CVC, Coal IndiaBSE -0.17 % has introducing GPS-enable trucks to carry coal from mines to so said that they are trying to develop a mechanism for reporting of big bank frauds.

“A meeting was held with senior finance ministry officials, banks, RBI and CBI. We have come up with reporting and definition of fraud for banks,” vigilance c ..

The anti-corruption watchdog plans to hold meetings of senior officials of Finance Ministry officials, CBI and Reserve Bank of India every month to monitor probe in suspected bank frauds of Rs 50 crore and above.

Source: economictimes.indiatimes.com

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Link directly or indirectly to or include descriptions of goods or services that are prohibited under the prevailing law; or

Otherwise create any liability for the Site or its affiliates.

The Site reserves the right in its sole discretion to remove any material/content/photos/offers displayed on the web site which it reasonably believes is unlawful, could subject the Site to liability, violates the terms and conditions and/or Agreement or is otherwise found inappropriate in the Site's opinion. Web site reserves the right to cooperate fully with governmental authorities, private investigators and/or injured third parties in the investigation of any suspected criminal or civil wrongdoing.

In connection with any of the foregoing, web site may suspend or terminate the Account of any User as web site deems appropriate in its sole discretion. User(s) agree that web site shall have no liability to any User(s), including no liability for consequential or any other damages, in the event web site takes any of the actions mentioned in this Section, and that you agree to bear the risk that web site may take such actions.

Web site acts as a content integrator and is not responsible for the information provided by user(s) to be displayed on the web site. The Site do not have any role in developing the content.

The Site provides an on-line platform for exchanging information between buyers and suppliers of Plant, Machinery & Equipments. Web site does not represent the seller or the buyer in specific transactions and does not charge any commission for enabling any transaction. Web site does not control and is not liable to or responsible for the quality, safety, lawfulness or availability of the products or services offered for sale on the web site or the ability of the suppliers to complete a sale or the ability of buyers to complete a purchase. User(s) are cautioned that there may be risks of dealing with foreign nationals or people acting under false pretenses. Web site uses several techniques (such as Plant Bee Verified) to verify the accuracy and authenticity of the information our user(s) provide us. However, since it is not possible in all cases and is not 100% fool-proof, the Site cannot and does not confirm each user(s) purported identity (including, without limitation Plant Bee Verified members). Plant Bee encourages user(s) to use various tools available on the web site and otherwise, as well as common sense, to evaluate the user(s) with whom they would like to deal with.

User(s) acknowledge that user(s) fully assume the risks of purchase and sale transactions when using the web site to conduct transactions, and that user(s) fully assume the risks of liability or harm of any kind in connection with subsequent activity of any kind relating to products or services that are the subject of transactions using the web site.

Such risks shall include, but are not limited to, mis-representation of products and services, fraudulent schemes, unsatisfactory quality, failure to meet specifications, defective or dangerous products, unlawful products, delay or default in delivery or payment, cost mis-calculations, breach of warranty, breach of contract and transportation accidents. Such risks also include the risks that the manufacture, importation, distribution, offer, display, purchase, sale and/or use of products or services offered or displayed on the web site may violate or may be asserted to violate Third Party Rights, and the risk that you may incur costs of defense or other costs in connection with third parties' assertion of Third Party Rights, or in connection with any claims by any party that they are entitled to defense or indemnification in relation to assertions of rights, demands or claims by Third Party Rights claimants. Such risks also include the risks that consumers, other purchasers, end-users of products or others claiming to have suffered injuries or harms relating to product originally obtained by user(s) of the web site as a result of purchase and sale transactions in connection with using the web site may suffer harms and/or assert claims arising from their use of such products. All of the foregoing risks are hereafter referred to as "Transaction Risks".

User(s) agree that Plant Bee shall not be liable or responsible for any damages, liabilities, costs, harms, inconveniences, business disruptions or expenditures of any kind that may occur/arise as a result of or in connection with any Transaction Risks. User(s) are solely responsible for all of the terms and conditions of the transactions conducted on, through or as a result of use of the web site, including, without limitation, terms regarding payment, returns, warranties, shipping, insurance, fees, taxes, title, licenses, fines, permits, handling, transportation and storage. In the event of a dispute with any party to a transaction, user(s) agrees to release and indemnify the Site (and our agents, affiliates, directors, officers, employees and associated sites and mini sites) from all claims, demands, actions, proceedings, costs, expenses and damages (including without limitation any actual, special, incidental or consequential damages) arising out of or in connection with such transaction. User(s) may use the content/features on web site solely for their personal or internal purposes. User(s) agree that they will not use Plant Bee database and/or services to send junk mail, chain letters or spamming or the transmission of any unlawful, harassing, libelous, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable material of any kind or nature. Further, as a Registered User, user(s) will not use the Email Account to publish, distribute, transmit or circulate any unsolicited advertising or promotional information or any content that is obscene, indecent, seditious, offensive, defamatory, threatening, or which incites or results in causing racial hatred, discrimination, menace or breach of confidence.

The site reserves the right to add/modify/discontinue any of the features offered with a service.

AMENDMENT TO USER(S) AGREEMENT

Plant Bee may change, modify, amend, or update this agreement from time to time without any prior notification to user(s) and the amended and restated terms and conditions of use shall be effective immediately on posting. If you do not adhere to the changes, you must stop using the service. Your continuous use of the service will signify your acceptance of the changed terms.

COPYRIGHT

All content on this web site is the copyright of Plant Bee except the third party content and link to third party web site on our website.

Plant Bee is not an expert in your intellectual property rights, and we cannot verify that the users of our online marketplace - who post various trade leads on the website - have the right to sell the goods offered. We will appreciate your assistance in identifying listings which may not appear on their face to infringe your rights but which you believe are infringing. Plant Bee is also not an arbiter or judge of disputes about intellectual property rights. By taking down a listing, as a prudential matter, Plant Bee is not endorsing a claim of infringement. Neither, in those instances in which Plant Bee declines to take down a listing, is Plant Bee determining that the listing is not infringing, nor is Plant Bee endorsing the sale of goods in such cases.

Plant Bee respects the intellectual property rights of others, and we expect our user(s) to do the same. Plant Bee believes that user(s) agree that they will not copy, download & reproduce any information, text, images, video clips, directories, files, databases or listings available on or through the web site (the "Plant Bee content") for the purpose of re-selling or re-distributing, mass mailing (via email, wireless text messages, physical mail or otherwise), operating a business competing with Plant Bee, or otherwise commercially exploiting the Plant Bee content. Systematic retrieval of Plant Bee content to create or compile, directly or indirectly, a collection, compilation, database or directory (whether through robots, spiders, automatic devices or manual processes) without written permission from Plant Bee is prohibited.

In addition, use of the content for any purpose not expressly permitted in this Agreement is prohibited and may invite legal action. As a condition of your access to and use of Plant Bee's services, you agree that you will not use the web site service to infringe the intellectual property rights of others in any way. Plant Bee reserves the right to terminate the account of a user(s) upon any infringement of the rights of others in conjunction with use of the Plant Bee service, or if Plant Bee believes that user(s) conduct is harmful to the interests of Plant Bee, its affiliates, or other users, or for any other reason in Plant Bee's sole discretion, with or without cause.

INTELLECTUAL PROPERTY RIGHTS

Plant Bee is the sole owner or lawful licensee of all the rights to the web site and its content. Web site content means its design, layout, text, images, graphics, sound, video etc. The web site content embody trade secrets and intellectual property rights protected under worldwide copyright and other laws. All title, ownership and intellectual property rights in the web site and its content shall remain with PlantBee.com, its affiliates or licensor's of PlantBee.com content, as the case may be.

All rights not otherwise claimed under this agreement or by PlantBee.com, are hereby reserved. The information contained in this web site is intended, solely to provide general information for the personal use of the reader, who accepts full responsibility for its use. Plant Bee does not represent or endorse the accuracy or reliability of any information, or advertisements (collectively, the "content") contained on, distributed through, or linked, downloaded or accessed from any of the services contained on this web site, or the quality of any products, information or other materials displayed, or obtained by you as a result of an advertisement or any other information or offer in or in connection with the service.

TERMINATION

Most content and some of the features on the web site are made available to visitors free of charge. However, the Site reserves the right to terminate access to certain areas or features of the web site (to paying or registered users) at any time for any reason, with or without notice. The site also reserves the universal right to deny access to particular users to any/all of its services/content without any prior notice/explanation in order to protect the interests of the Site and/or other visitors to the web site. The Site reserves the right to limit, deny or create different access to the web site and its features with respect to different user(s), or to change any of the features or introduce new features without prior notice.

All rights reserved.

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