Coal India board may meet tomorrow to consider fuel supply agreement
The financial and non-financial services sector had attracted FDI worth $4.83 billion during the 10-months period of 2011-12 as compared to $2.98 billion in the same period of previous year, according to official data.
Coal India board is likely to meet tomorrow to consider the model agreement with power producers for assured supply of the fuel in the wake of Presidential directive for signing fuel supply pacts.
"The board of directors of Coal India are likely to meet tomorrow to deliberate on important agendas, mainly fuel supply agreement," sources said.
The government issued a Presidential directive on April 3 to Coal India to commit a minimum of 80 per cent of fuel supply to power producers, failing which the PSU would be subject to paying a penalty.
The directive was issued to the PSU, as it did not meet the deadline of March 31, set by the Prime Minister's Office for CIL to enter into agreements with power producers which were facing fuel crunch.
As the government has a majority stake in CIL, it has powers to direct the company on a particular course of action.
The quantum of penalty has been left to CIL and the issue would come up for discussion at the meeting, sources added.
Earlier, independent directors had objected to any government diktat to Coal India, which is listed on the stock exchanges.