India Court Scraps Coal Mine Permits, Stoking Power Cost
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India’s top court today canceled 98 percent of coal mine permits given to companies in the past two decades, likely stoking energy costs and hindering the ambition of Asia’s third-largest economy to become a manufacturing hub.
The court spared two blocks awarded to a Reliance Power Ltd.-owned 4,000 megawatt power plant that was allotted through competitive bidding and one each given to state-run NTPC Ltd. and Steel Authority of India Ltd. About three dozen mines that are producing the fuel can operate for six months before they are auctioned, a bench headed by Chief Justice R.M. Lodha said.