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GSHL to form JV with CIL (1)   15-May-08 14:17Tracked by (0)  
Posted by:   Guest on ( 15-May-08 14:17 )
Price : BSE: Rs 32.35 ( -1.07 % ), NSE: Rs. 32.40 ( -0.77 % )
GSHL to form JV with CIL

FE reported that Global Steel Holdings Ltd, the holding company of Ispat Industries Ltd has proposed to enter into a JV with Coal India Ltd for exploring and developing new coal blocks in India and also rehabilitating and operating the abandoned coal mines using the latest state of the art technology.

Global Steel, owned by Mr Pramod Mittal is engaged in the operation and management of 13 million tonne steel production company. The company has its operations spread in India, Nigeria, Bulgaria, the Philippines, Libya and Bosnia, where the assets are being utilized for the production of steel and allied products for mining of minerals apart from operating major raw material processing facilities for coke in Bosnia and Nigeria.

In a letter to the Prime Minister, he stated that "Global Steel is expressing its intention and interest to participate with CIL for development and operation of abandoned coal mines, as well as exploration and exploitation of new unexplored coal blocks."

Explaining the details, he said that the concept plan for rehabilitation and development envisages a new life for abandoned coal mines with left-over coals especially coking coal. A study is proposed to be undertaken in joint venture with CIL to asses the left over coal reserves in various mines which have been abandoned due to underground fire, surface subsidence flooding or because of lack of safety etc, leading to substantial loss of coal.

Mr Mittal has told the coal ministry that he proposes to bring in new technology like leaching, hydraulic fracturing, improved wall mechanization etc for improvement of productivity and safety particularly for exploitation of left over coal in order to make it economically profitable.
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