Highlights of CAG’s report on coal block allocations

August 17th, 2012 - 7:57 pm ICT by IANS  

New Delhi, Aug 17 (IANS) The following are the highlights of The Comptroller and Auditor General of India (CAG) report on coal block allocations which was tabled in parliament Friday:

– Indian exchequer lost Rs.1.85 lakh crore ($37 billion) in arbitrary allotment of coal blocks

– 194 net coal blocks, with aggregate of 44,440 million tonnes coal, were allocated to different government and private parties up to March 31, 2011

– CAG has named 25 major companies as beneficiaries such as Essar Power, Jindal Steel and Power, Hindalco and Tata Power

– CAG has recommended competitive bidding process for coal block allocation to bring about transparency in the process

– Auditor has also suggested the setting up of an empowered group on the lines of the foreign investment promotion board for coal allocation

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