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Coal India Ltd and NTPC signs MoU for setting up new coal mining projects
Posted On : 2007-05-11 03:15:06( TIMEZONE : IST )
An MoU has been signed between Coal India Limited (CIL) and National Thermal Power Corporation(NTPC) on 15.3.2007 for jointly undertaking the development, operation and maintenance of coal blocks and integrated coal based power plant(s).
The Joint Business Development Group consisting of four members each from CIL and NTPC will identify suitable project(s) and submit feasibility report to the Steering Committee consisting of two Functional Director from each of CIL and NTPC. This Committee will send the feasibility report, if considered viable, to the Apex Committee which comprises of CEOs of CIL and NTPC. Apex Committee will consider and approve the report.
For implementation of the project, a Joint Venture Agreement will be prepared and a project specific Joint Venture Company will be formed after approval for investment and pattern of funding in the venture, by the Board of Directors of CIL and NTPC.
Once Joint Venture Company is formed, the terms of this MOU will cease to apply to that specific Joint Venture Company.
The MOU also covers the points of incorporation and Registration of JV(s), its financing, the Board / Management of JV(s), incurrence of expenditure by the parties (CIL & NTPC), confidentiality clause, purchase of excess coal / power limitation of liability, effective date and validity, settlement of disputes and arbitration, entire understanding, governing laws and jurisdiction, assignment of rights and obligations and notice clause.
Damodar Valley Corporation (DVC) has submitted a draft MoU proposal for joint development of an underground mining and material handling equipment and machinery manufacturing facility in and around Durgapur with CIL for revival of M/s. MAMC. The proposal of revival of M/s. MAMC is in conceptual stages. Detailed action plan will be drawn after MOU with M/s. DVC and other interested parties is signed.
Above information was given by Dr. Dasari Narayana Rao, Minister of State for Coal in a written reply in the Rajya Sabha on Thursday.
