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TCI’s Veldhuijzen Says India Mining Bill Is ‘Counterproductive’

Oscar Veldhuijzen, a partner at The Children’s Investment Fund Management UK LLP, comments on the impact of India’s draft mining bill on Coal India Ltd. The fund is the second biggest investor in the company after the nation’s government. TCI has $10 billion under management, of which about 10 percent is invested in Coal India.

A panel of Indian ministers on July 7 cleared the draft bill that proposes to make coal mining companies pay 26 percent of their profit for local development. Coal India’s stock dropped a record 8 percent the next day. The bill has to be cleared by the country’s Cabinet before being approved by Parliament.