Friday, August 17, 2012

CAG revises coalgate loss


The Comptroller and Auditor General's(CAG) report on coal, power and Delhi airport tabled on parliament. According to the revised CAG report on  non-transparent allocation of coal blocks revised down the estimate of loss  to Rs 1.86 lakh crore from Rs 10.67 lakh crore earlier. The reduction is based on the exclusion of allocation to government companies in the report. The 25 companies which are in the report include Hindalco, Tata Power, Jindal steel and Power, Essar Power and Tata steel.
The loss occurred because of the delay in introduction of the process of competitive bidding instead of allocation.  

1 comment:

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