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May 21, 2012, 07.40 PM IST
The rift between India's Coal India and its London-based minority shareholder The Children’s Investment Fund (TCI) may have just got a bit wider.
According to sources in the know, TCI had written to the ministry seeking a meeting on May 29 suggesting that it may be prepared to relax its stand against the company. TCI has alleged mismanagement at the world's largest coal miner.
In its reply, the coal ministry has said that it can meet only for investment queries under international treaties. It says commercial matters can only be discussed with Coal India.
TCI is seeking the ministry's stance on several issues such aligning of coal prices to international levels.
TCI had recently warned that it could take CIL to court as the firm’s minority shareholders are being abused by mandating the public sector unit to control its prices. Though TCI holds less than 2% shares in the state-owned coal miner, its notice has shaken the government which mandates terms to CIL for ensuring fuel supply to power producers.
Under a Presidential order, the government recently directed CIL to sign fuel supply agreements with power plants. Sources say TCI is also seeking clarity on the roadmap for increase in FSA price.
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