Foreign Investment Worth Rs. 119 Crores Made for Coal Block in Jharkhand for Current Fiscal

The government informed the Parliament that foreign direct investment (FDI) worth ?119 crores has been made for a coal block in Jharkhand in the present fiscal.

“Foreign Direct Investment of Rs 119.19 crore in FY-2022-23 has been made for one coal mine located in Jharkhand,” said Coal Minister Pralhad Joshi in a written reply in the Rajya Sabha.

The Centre had earlier allowed 100 per cent foreign direct investment (FDI) in coal mining, contract manufacturing, and its sale and associated infrastructure through the automatic route.

“Government has reviewed the Foreign Direct Investment (FDI) policy in the coal mining....allowing 100 per cent FDI under automatic route for sale of coal, coal mining activities including associated processing infrastructure subject to the provisions of the Coal Mines (Special Provisions) Act, 2015 and Mines and Mineral (Development & Regulation) Act, 1957,” added the minister.

According to the extant policy, no foreign company is permitted to take part in the commercial auction of coal mines. However, companies that have been incorporated in India are eligible to participate.

The Union government amended the FDI policy to include prior approval from the government if the FDI is from a country that shares a land border with India or in a situation where the beneficiary of the FDI is a citizen of or situated in such a country.

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