Mukesh Ambani-run Reliance Industries and Anil Ambani’s Reliance Infrastructure have qualified for the $6-8 billion project to convert coal into liquid fuels such as petrol and diesel, according to criteria set by the government.
On preliminary examination of the 22 bids received for the coal-to-liquid (CTL) project at Radhikapur coal block, Srirampur block and Ramchandi promotional coal block in Orissa, seven more companies fulfilled net worth criteria if their parent firms’ balance sheets were taken into account.
The Tatas, Essar, Sterlite, Vedanta, Jindal Steel and VistaNatural Resources had technology tie-ups, while Ricon had none.
Firms run by the Ambani brothers were the only ones to meet minimum net worth criteria of Rs 4,000 crore and have a technology agreement with a foreign firm to convert coal into liquid petroleum, sources in the coal ministry said.
Press
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